(To read more on the multifamily market, click here.)
SAN MATEO, CA-Locally based Prometheus Real Estate Group is finding takers for Mercer, its residential-over-retail development across the Bay in Walnut Creek. The 181-unit low-rise condo project across from the city's performing arts center is one-third sold and one year from completion. The total development cost is estimated at around $100 million.
Prometheus executive Jon Moss tells GlobeSt.com that the units range from 850 sf to 1,800 sf and are selling for between $500 and $750 per sf depending on the unit size and location within the building. The company began taking reservations in June and as of July all buyers have put up non-refundable deposits.
"We're seeing young buyers and more mature buyers," Moss says. "The younger buyers are clearly buying the smaller units and the older folks are selling their 3,500-sf homes and buying the two- and three-bedroom units."
Located at 1655 N. California Blvd., the development is the first modern luxury housing to be offered in the Downtown area. It sits across from the Lesher Center for the Arts, which hosts 1,000 symphony, theater, dance and other performances annually.
Mercer will feature an interior courtyard with swimming pool and, in an adjacent clubhouse, a chef-grade kitchen designed for entertaining small groups and a full fitness center. Other common amenities include covered, deeded parking and a full-time lobby concierge to assist with residents' needs. In-unit amenities include laundry rooms; granite countertops, stainless steel appliances and Studio Becker cabinetry in the kitchen; hardwood floors, air conditioning; vaulted ceilings and fireplaces in some units.
"Our competition is mainly with the resale market," Moss says. "There's really no other new product Downtown."
The project was designed externally by Don Sandy of San Francisco-based SB Architects and Irvine-based KTGY. The interior designer is McCartan, a New York and San Francisco firm whose recent work includes the Hotel Vitale and Hotel Adagio in San Francisco as well as the Cocoa Exchange condominiums and the Westin Times Square in New York.
"Mercer is a classic example of location, location, location," Moss says. "Downtown Walnut Creek is among those unique, highly desirable and supply-constrained locations."
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