In 2001, TMG and Regis acquired the site, which is located at 900-1000 Commodore Drive, from the U.S. Navy as surplus property. The City of San Bruno subsequently approved their plans for an upscale mixed-use development consisting of 500 hotel rooms, two acres of open/park space, on-site retail, office space and up to 900 apartments.
California Urban Investment Partners, a joint venture between real estate investment management and development firm MacFarlane Partners and California Public Employees' Retirement System, has provided $68.7 million in the first phase of multi-family housing construction for the project, which is called The Crossing.
This first phase includes the development of a 300-unit multi-family apartment project with an on-site parking garage and recreation center. This phase broke ground in December 2002 and will be completed in May 2004. Approximately 20% of the apartment units are affordable units.
"Being part of the team that planned The Crossing has been a rewarding experience. The 20-acre transit oriented development has been cited as a model for urban land planning and contains numerous smart growth components," says Drew Hudacek, vice president with Regis Homes of Northern California. The mixed-use project, located at I-380 and El Camino Real, is two blocks from a planned BART station and minutes from San Francisco Airport.
Continue Reading for Free
Register and gain access to:
- 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
© 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.
