FREMONT, CA—Fremont is gaining prominence as a close-in option for tech firms and employees seeking more affordable offices and housing compared to the 101 Corridor. In turn, Fremont's growth is building stronger retail demand, according to Adria Giacomelli of Lockehouse Real Estate, GlobeSt.com learns in this exclusive.
Retailers are expanding within Fremont or also coming in as first-time locations to take advantage of the growth. Within the newest multifamily property in Fremont, the 185-unit Artist Walk by Blake|Griggs Properties, the majority of retail space is already leased ahead of first-phase completion later this year.
“Transit-oriented developments like Artist Walk, which is a block from the Altamont Commuter Express train going to Silicon Valley and 2 miles from BART, really benefit from the surging interest in walkable, transit-friendly spaces,” Giacomelli tells GlobeSt.com. “And Centerville has a great history as one of Fremont's traditional town centers, and is experiencing another resurgence.”
As the fourth largest city in the Bay Area, Fremont's 220,000-person population provides Centerville a strong trade area where incomes are projected to rise 3.1% this year from 2012. Half of the city's residents are college graduates, compared to the national rate of only 40%, GlobeSt.com learns. And the Fremont Warm Springs BART station that opened earlier this year also increases the city's accessibility for regional workers.
“Artist Walk brings new energy to the Centerville district,” said Ryan McNamara of Blake|Griggs Properties. “It's a rare, well-designed mixed-use community of housing, walkable shops and restaurants with a new private street through the property named 'Artist Walk Common' with connectivity to landscaped plazas and Fremont Boulevard.”
The six new retailers taking most of Artist Walk's 30,000 square feet of space are indicative of the local, neighborhood-serving shops and innovative new concepts that Bay Area residents seek out. Retailers include Bun Appetit bakery, Orange Theory Fitness, Sola Salon Studios, Lala Kabob House, with others eyeing the remaining spaces.
Danville-based Blake|Griggs Properties and its joint-venture partner, JD Capital, announced the start of apartment leasing this month, with the first building opening for residential occupancy in August and remaining phases through November.
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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.
