SAN MATEO, CA—In an update to a previous story on Essex Property Trust's purchase of Station Park Green in San Mateo, CA, GlobeSt.com chatted with John Eudy on the plans for the site and its potential to be a transformative piece of the puzzle along with the other projects in the surrounding area.
Eudy tells GlobeSt.com that the entitlements are done, the approvals are complete and the city of San Mateo is working diligently to meet all deadlines to keep the project moving smoothly.
Essex is hoping to expedite the permitting process including those for demolitions and site development, which could take up to 90 days for all permits, if the process goes as planned. All structures are vacant and ready to be taken down once the permits are finalized. Eudy says a late summer timeframe is being targeted for construction to begin.
“Essex has been looking for a mid-Peninsula location for quite some time and really the key was the amount of acreage,” says Eudy. “Along with the size and location, the site had all of the ingredients we look for in the Bay Area to align with our goals.”
The 12-acre project consists of four individual buildings, one of which is mixed use with 25,000 square feet of retail and 10,000 square feet of office space on the first floor, along with four stories of residential units above. The remaining three buildings are composed entirely of residential units. The project provides junior-one bedroom, one-bedroom, two-bedroom and three-bedroom units for a total of 599 units. It will also include a rooftop resident-only pool, as well as a fitness center, club room, community room and various other resident amenities.
As previously reported, this transit-oriented development is adjacent to the Hayward Park Caltrain station, which connects travelers to San Francisco in the north and San Jose in the south, and is also near the intersections of the 101 and 92 freeways in San Mateo.
“We started talking 20 years ago about TOD and now we are finally seeing the results,” says Eudy. “Commuters want the ease of housing, retail and mass transit all steps away for maximum convenience.”
In addition, Station Park Green will include more than 2 acres of open space, including a 1-acre park at the center and several smaller parks throughout the project.
“Essex is a long-term holder so we look forward to being part of the transformation,” says Eudy.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
