FOSTER CITY, CA—Northwestern Mutual has completed The Plaza Apartments, and celebrated with a grand opening Wednesday by Foster City Mayor Pam Frisella and other city officials. After six years of development and just under two years of construction, residents began moving into the luxurious 307-unit residential development last month.
“Foster City is proud to be able to offer such a beautiful new development to its residents,” said Foster City Mayor Pam Frisella, speaking at The Plaza's Grand Opening. “I'm very impressed with the quality and the variety of amenities.”
The unique development is the first phase of the Pilgrim/Triton masterplan. The Plaza has been described as a mini-neighborhood, and features 8,000 square feet of commercial space, as well as a half-acre, public plaza and 630 space parking garage. Each apartment includes a modern design and high quality interior finishes. The property also features a pool, spa, internet café, state-of-the-art fitness center, wellness center, Zen garden, and dynamic multi-media clubroom for residents.
The Plaza provides Foster City with a much-needed infusion of new rental housing. Twenty percent of the units have been set-aside for families at below-market rates. Northwestern Mutual is the owner of the property and is financing the new development. Devcon Construction is the design/build architect and contractor on the project. New general manager Ryan Lopez reports that the Plaza has already leased over 75 units.
“It has been rewarding to work with Foster City's elected officials and staff to build a fresh new neighborhood that replaces obsolete, light industrial buildings,” said Jeff Smith, vice president for Sares Regis Group of Northern California and development manager for the project. “Pilgrim/Triton will bring many new residents to the community and build a larger tax base to support improved community services.”
The completed Pilgrim/Triton master plan will include over 700 residential units, along with a total of nearly 300,000 square feet of commercial office space.
About Sares Regis Group of Northern California
Sares Regis Group of Northern California and its affiliates, Regis Homes Bay Area and Regis Contractors of Northern California, are regional companies based in San Mateo, California, and are affiliated with Irvine-based Sares Regis Group.
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.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
