The Rise Cupertino at Town Square West: Cupertino’s Largest Redevelopment Explained

What Is The Rise at Vallco in Cupertino?

The Rise Cupertino is a major mixed-use redevelopment at the former Vallco Shopping Mall site in Cupertino, California. When fully built out, the project is planned as a new walkable district with housing, retail, restaurants, employment space and public open space in one of Silicon Valley’s most supply-constrained housing markets.

The project has been led by Vallco Property Owner / Sand Hill Property Company. Nonprofit affordable housing developer Eden Housing is involved with the planned 232-unit affordable family housing component. Recent Blocks 1 and 2 implementation documents also identify Black Pine, LLC as the applicant for Modification #4, with the City listing Black Pine, LLC c/o Hines Construction in connection with that partial plan modification.

Those roles should be kept distinct. The Blocks 1 and 2 filing does not by itself establish that Hines has replaced Vallco Property Owner or Sand Hill as master developer of the entire Rise project.

The Rise redevelopment is expected to significantly affect the broader 95014 Cupertino real estate market because it combines housing supply, employment space, retail, public gathering areas and long-term land-use changes at one of Cupertino’s most visible properties.

Explore the full 95014 Real Estate & Development Guide.

The 2025–2026 Revision: Why The Rise Now Has 356 Affordable Homes

The 356 figure only makes sense with its history. In the third major SB 35 modification, submitted to the City on November 26, 2025 and approved on February 27, 2026, the overall project stayed at 2,669 homes, but the affordable-housing component was reduced from approximately 890 homes to 356. Office space was also reduced from roughly 2 million square feet to approximately 1.475 million, with the developer stating that a nearly 500,000-square-foot office tower was replaced by residential buildings. Retail stayed at roughly 226,600 square feet.

The developer described the changes as a response to construction economics, a shift toward larger family-sized units and changes in state law, and said the revised plan was intended to make the project financially feasible. The developer has also stated that about half of the remaining affordable homes are now family-sized units, compared with a much smaller share in earlier versions of the plan.

The reduction drew public criticism in Cupertino, where the City faces a state housing requirement of 4,588 homes by 2031, including 1,880 affordable homes. Because the project proceeds under SB 35, the City’s review of a compliant modification is limited and time-bound, which is why the revised plan was approved within roughly 90 days of submittal.

For buyers, the practical result is that the ownership program at Town Square West, 393 planned for-sale homes, was not reduced, while the affordable component across the whole project is now 356 homes, of which 232 are the Eden Housing family rentals in Town Square West.

Read the full explainer on The Rise affordable housing controversy.

What Is Town Square West in Cupertino?

Town Square West is the first major phase of The Rise redevelopment in Cupertino. It is planned to include residential housing, affordable housing, retail, dining, entertainment and public open-space amenities.

Town Square West is currently planned for 1,369 homes, including 232 affordable family rental homes, 744 market-rate rental homes and 393 for-sale homes. It is also planned to include approximately 200,000 square feet of retail, dining and entertainment uses and more than three acres of parks and public open space.

For Cupertino residents and future buyers, Town Square West is important because it represents the beginning of the long-awaited transition from the former Vallco Mall property into a more active mixed-use district. Instead of a single-purpose shopping center, the vision is for a neighborhood with homes, shops, restaurants, gathering areas, parks and daily-life amenities.

The first phase may also establish how later portions of The Rise are implemented, including residential buildings, ownership housing, rental housing and additional commercial space.

232 Affordable Homes: An Early Residential Permit Milestone

One of the earliest residential components to advance at Town Square West is a 232-unit affordable apartment community associated with Eden Housing, a nonprofit affordable housing developer with a long track record of affordable communities throughout the Bay Area.

Prospective renters should monitor official City of Cupertino and Eden Housing information for eligibility, application and leasing procedures as the project moves forward. These deed-restricted units should not be confused with market-rate ownership opportunities at The Rise.

Across the complete Rise redevelopment, the current approved project includes approximately 356 affordable homes.

Future For-Sale Homes and Ownership Opportunities at The Rise

Town Square West’s residential program includes 393 planned for-sale homes in addition to the market-rate rental and affordable rental components. These could represent one of Cupertino’s most significant future new-construction ownership opportunities.

Specific product types, individual floor plans, pricing, homeowner association details, parking allocations and public sales timelines for the for-sale homes have not yet been announced.

What the Developer Has Said About Timing

No official sales or occupancy date exists. What has been stated publicly is this: in November 2025 the developer said site work had been under way for about a year, that vertical construction was targeted to begin in 2026, that building-permit activity was expected later in 2026, and that first move-ins would follow “within a few years.” Local reporting on the same announcement cited first homes as early as 2028. Treat these as the developer’s stated targets, not commitments; they can move with permitting, financing and construction conditions.

The August 2026 Modification #4 approval for Blocks 1 and 2 should not be confused with a sales release. Although it moves detailed planning forward for those blocks, it did not announce pricing, deposits, reservations, HOA dues or a public sales-center opening.

Buyers interested in future ownership at The Rise should also evaluate school attendance boundaries, HOA costs, parking, product type, construction timing and the differences between new attached housing and established Cupertino single-family neighborhoods.

Explore Cupertino condos and townhomes near Apple Park.

What The Rise Means for Cupertino Real Estate

The Rise is one of the most significant housing-supply events in Cupertino’s history. In a city where available housing inventory is often limited, the addition of thousands of planned homes on a single site could meaningfully change how buyers, renters, investors and homeowners evaluate the central Cupertino market.

For Buyers of Existing Homes

The addition of new supply in a supply-constrained market can be a moderating force on resale price growth, but the effect in Cupertino may be uneven. The Rise adds primarily rental and attached ownership housing; it does not directly replace the appeal of established single-family homes on interior Cupertino streets. If the retail, park and walkability components are delivered as planned, the broader area around Stevens Creek Boulevard and Wolfe Road could become more desirable over time.

For New Construction Buyers

The 393 planned for-sale homes in Town Square West could become one of the most watched new-construction ownership opportunities in Cupertino. Buyers interested in newer construction, walkability, Apple Park proximity and a central Cupertino location should monitor product types, pricing, HOA dues, parking, sales timing and school-boundary information as those details become available.

For Renters

Town Square West’s planned 976 rental homes — 232 affordable family rental homes and 744 market-rate rentals — would represent meaningful new rental inventory in a market that has historically operated with limited supply.

For the Broader 95014 Market

The Rise may reshape central Cupertino by adding housing, employment space, retail, parks and pedestrian infrastructure to a site that was underutilized for years. The long-term real estate impact will depend on what is ultimately built, when it is delivered and how buyers and residents respond to the finished district.

Explore the full 95014 Real Estate & Development Guide.

Common Questions About The Rise and Town Square West

Vallco Redevelopment History

The former Vallco Shopping Mall opened in 1976 as one of Silicon Valley’s major regional malls. By the 2010s, anchor-store departures and changing retail patterns had left the property significantly underutilized. What followed was one of the most prolonged and closely watched land-use debates in Cupertino history.

Key Timeline

The history can be confusing because the repealed 2018 Vallco Development Agreement, the separate SB 35 approval, the 2024 settlement and later Rise modifications are different government actions. For a detailed explanation, see Vallco Development Agreement Approval in Cupertino: What Actually Happened?

Modification #4 is significant because it moves specific buildings into a more detailed implementation stage without changing their approved residential unit counts. The filing describes the work as being undertaken in anticipation of future building-permit submittals.

Read the July 2026 Phase 1 Final Map update.

Latest Analysis and Related Cupertino Real Estate Guides

The Rise is only one part of the larger Cupertino real estate picture. Buyers should also understand local schools, neighborhood differences, Apple Park proximity, future housing supply and how new development may affect long-term demand in the 95014 market.

As The Rise moves forward, the most important buyer-facing milestones to watch are building-permit applications and approvals, visible vertical construction, identification of individual for-sale buildings, floor plans, parking allocations, HOA details, pricing and the eventual public sales launch.