The Rise at Vallco: Cupertino’s Largest New Housing Development Moves Forward

Update: February 2026 — Revised Plans for The Rise Approved

On February 27, 2026, the City of Cupertino approved the third modification to The Rise development under California’s Senate Bill 35 process. The revised project continues to include 2,669 homes while adjusting the mix of affordable housing, office space, retail space, building design, and site planning. The developer has indicated that the first vertical construction could begin in 2026, with initial homes potentially ready for occupancy in 2028.

What Are The Rise and Town Square West?

The Rise is Cupertino’s largest redevelopment project, located on the former Vallco Shopping Mall property near Stevens Creek Boulevard and Wolfe Road. The approved mixed-use development combines housing, retail, offices, public gathering areas, parks, pedestrian connections, and other community amenities.

Town Square West is the first major development phase presented by the project team. It is planned as a walkable district with rental apartments, affordable family housing, for-sale homes, stores, restaurants, plazas, parks, and pedestrian-oriented streets. When fully built, The Rise is approved for 2,669 homes, making it the largest residential development in Cupertino’s history.

Town Square West by the Numbers

• 1,369 planned homes — including 232 affordable family rental homes, 744 market-rate rental homes, and 393 for-sale homes
• Approximately 202,000 square feet of retail space planned within the Town Square West phase
• More than three acres of parks and public open space, including plazas, gathering areas, play spaces, and pedestrian connections
• Approximately $5 million in direct community benefits associated with infrastructure and public services
• A reduced office component compared with previous versions of The Rise, intended to create a more housing-focused development plan

The figures above describe the developer’s current plans for Town Square West. The approved plan for the complete Rise development includes 2,669 homes, approximately 1.475 million square feet of office space, and approximately 226,600 square feet of retail space. Project details may continue to change as individual buildings move through permitting, financing, and construction.

Why The Rise Matters for Cupertino’s Housing Supply

Cupertino has historically added relatively little new housing compared with the demand created by its schools, employment centers, and Silicon Valley location. Delivering 2,669 homes on one property would represent a substantial increase in the city’s housing supply and introduce housing types that are difficult to find in established Cupertino neighborhoods.

The current plan includes 356 affordable homes across the complete development. Town Square West is expected to include 232 affordable family rental homes, along with market-rate rentals and for-sale residences. The inclusion of apartments, family-sized affordable housing, condominiums, and other attached homes could expand the range of housing choices available within Cupertino.

The reduction in planned office space also shifts the project toward a more residential mix. Fewer offices than earlier versions of the proposal could reduce some commute-related traffic demand, although the project’s actual transportation effects will depend on its final construction, occupancy, retail uses, and travel patterns.

What Town Square West Could Mean for Buyers, Renters, and Investors

For homebuyers, the 393 planned for-sale residences could create a rare source of new-construction ownership opportunities in Cupertino. Much of the city’s existing housing consists of older single-family homes, condominiums, and townhouses, so a large new development could give buyers alternatives to Cupertino’s established neighborhoods.

For renters, the planned combination of affordable and market-rate apartments could increase the number and variety of rental homes available near Apple Park, Main Street Cupertino, shopping, restaurants, and major Silicon Valley employment centers.

For investors and existing homeowners, the long-term effect is less certain. New housing may create additional competition, but a completed mixed-use district could also improve the surrounding area by adding retail activity, public spaces, pedestrian connections, and a more active community center. The effect on individual property values will vary by location, housing type, school assignment, condition, and market conditions when the homes are delivered.

Project Recognition

In 2024, the Silicon Valley Business Journal recognized The Rise with its Structures Award in the speculative-project category. The award reflected the project’s scale, housing component, mixed-use design, and potential to transform the former Vallco Mall property.

Timeline: The Rise and Town Square West

• September 2018: The original Vallco Town Center development was approved under Senate Bill 35
• 2024: The Rise received a Silicon Valley Business Journal Structures Award
• November 2025: Sand Hill Property Company submitted its third modification application for The Rise
• February 27, 2026: The City of Cupertino approved the third project modification
• 2026: The developer has targeted the beginning of vertical construction, subject to permits, financing, and construction scheduling
• 2028: Initial Town Square West homes may be ready for occupancy if the current development schedule is maintained

The Rise and Cupertino Real Estate Values

The redevelopment of the former Vallco Mall property is an important consideration for anyone evaluating Cupertino real estate. The project could add new housing choices, retail destinations, parks, public spaces, and pedestrian connections while changing the competitive landscape for existing condominiums, townhouses, rental properties, and single-family homes.

Buyers comparing established neighborhoods such as Homestead Villa, Jollyman, Rancho Rinconada, and Garden Gate should consider how The Rise may affect future housing supply, walkability, traffic patterns, retail access, and buyer alternatives.

For a broader look at development, housing, schools, and neighborhood choices throughout Cupertino, visit the 95014 Real Estate and Development Guide. You can also follow construction milestones and newly released project information on the The Rise Cupertino LIVE Updates page or watch local project coverage on the Cupertino development videos page.

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