At Interstate 380 and El Camino Real in the suburb just south of San Francisco, The Crossing/San Bruno will ultimately include 500 hotel rooms, two acres of open space, 228 units of senior housing, a restaurant, retail and office space and up to 900 apartments.
The first phase is a $68.7 million project that includes 300 apartment units, a parking garage and community/recreation center. Union Bank is providing construction financing. City of San Bruno and the development team will officially launch construction this morning (Friday, Jan. 10). The first phase will take 18 months to complete.
TMG and Regis acquired the surplus Navy property in 2001 as part of a redevelopment deal with the city. David Cropper, a partner with TMG, says The Crossing will help city officials "realize their goal to redevelop the former Navy property."
New office construction has slowed considerably since mid-2001, and project officials are unsure of when the 300,000 sf of planned office space will be built. However, affordable housing in the Bay Area still constitutes a crisis in a region where the median home price tops $469,000, according to Drew Hudacek, vice president with Regis Homes of Northern California.
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