(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
SAN MATEO, CA-The AFL-CIO Building Investment Trust has contracted with Sares Regis Group of Northern California to develop 155 luxury apartments at 888 N. San Mateo Dr. here. The $68.9 million development will offer residents such amenities as an outdoor pool and playground, along with a dog park, fitness center, and underground parking.
As with all BIT investments, according to a prepared statement, all on-site construction will be performed by members affiliated with local building and construction trades councils. “This project is expected to create over 300 union construction jobs,” says William Nack, secretary-treasurer of the San Mateo Building and Construction Trades Council. “To say the least, we are excited by this prospect.”
The three-acre site is located within walking distance to downtown Burlingame and the nearby Burlingame Caltrain Station. “We are excited about both the opportunity to invest in the vibrant Bay Area economy and the opportunity to create jobs for the skilled women and men of the local building trades,” says Kevin McCarthy, president of PNC Realty Investors Inc., the investment advisor to the BIT, in a prepared statement.
Groundbreaking for the apartments is anticipated in June, with completion scheduled for December 2013. The architect for the project is Thomas P. Cox, Architects Inc., of Irvine CA. A joint venture of Devcon Construction Inc. and Regis Contractors Bay Area will serve as the construction manager and general contractor.
The apartments represent a continuation of the BIT's program to invest in the development of multifamily rental properties, says a statement. Recent BIT development projects include the Flux Apartments in Minneapolis, Minnesota; 500 Lake Shore Dr. in Chicago; and Youngstown Flats in Seattle, Washington.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
