SAN RAMON — A homebuilder has bought property it needs to build a new residential project near Bishop Ranch in San Ramon, according to public records.

The housing development would be constructed on a site at the corner of Crow Canyon Road and Alcosta Boulevard, documents on file with city planners show.

Lennar Homes of California has won approval to develop a 117-unit project on the site, which has addresses of 3401 Crow Canyon Road and 12943 Alcosta Road, the county records show.

The development site has been bought for $40.5 million by affiliates connected to New York City Kennedy Lewis Investment Management and Lennar Homes, documents filed on Jan. 17 with the county Recorder’s Office show.

Nearon Enterprises, a real estate investment firm, sold the development site, which is currently occupied by two office buildings.

The development proposal envisions the demolition of the two office buildings to clear the way for the housing project.

The project is known as Iron Horse Village. A development timeline wasn’t immediately known.

The replacement of the offices with housing is a fresh example of the push to replace commercial buildings with residential projects at a time when the Bay Area office market has slumped badly.