"This development will not only improve the look and feel of our greater Downtown area, but will encourage shopping and dining at our Downtown stores and restaurants and should serve as a catalyst for further revitalization along the gateway to downtown," says Linda Asbury, president of the San Mateo Area Chamber of Commerce.
The project, which is being developed by Redwood Shores, CA-based Prometheus, will create 218 apartment units with 22 below-market rate units on 3.6 acres of land along East Third and Fourth Avenues, along the main entry to the Downtown area.
This urban development will provide much-needed housing near Caltrain, Downtown and Peninsula employment centers. The community will consist of one, two and three-bedroom apartments and lofts. A swimming pool, fitness center and parking structure are included in the development.
Additionally, more than twice the required amount of open space has been incorporated into the project. Bill Brigham of Field Paoli calls the development a model urban infill project, saying that the project follows the "Vision of the Gateway" established by the city.
This development will significantly contribute to the city, as it not only helps the city meet its affordable housing requirements but will also generate millions of dollars that will benefit the local community.
The proposed development will go before the planning commission next month, and is scheduled to break ground immediately after, with a scheduled completion date of December 2003.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
