^Cupertino already struck down a plan by the owners of Vallco (It's called "Cupertino Village" now - great name!
) and some of the surrounding areas to build residential in the area (2008 ballot initiative enshrined the area as commercial-only). I agree that it could be a nice, walkable area, but Cupertino has already made it very clear that they intend to be a jobs exporter and only build the minimum amount of residential required by the state, so I wouldn't get your hopes up. The small amount of condos built along Stevens Creek will be the last residential allowed for a huge swath of the city. The plan for Cupertino to build their requirement of SB375 housing for the next couple of decades is out closer to De Anza CC.
The plan is for the whole thing to be four stories, with a four story parking garage underneath parts of it. Not really my idea of a good development, but it would be unique.