The Pleasanton-based developer intends to redevelop half of the 38-acre center into a gated housing community, leaving the remaining part for retail. The housing community will combine a mix of 90 single-family units, 200 townhouses and condominiums, and several retail stores at the center, which is located at El Portal Drive and San Pablo Avenue.

As part of the redevelopment, Signature will tear down the former Mervyn's building, two clothing stores and a Goodyear store. Signature hopes to turn this area into housing, with model home scheduled for completion in September of next year. The homes will range in price from $250,000 to $425,000.

About four years ago, an attempt to redevelop the same space failed, as a makeover by owner El Portal LLC tried to reconstruct the center as an international mall with a movie theater. The $30 million project fell apart after the movie theater plans failed and tenant vacancies stayed at 50%.