By Meghan Hall
Securing project approvals and building permits in the Bay Area’s construction climate is no easy feat, and some properties sit underused for years until entitlements come through. Such as been the case for two parcels in Redwood City, where Peninsula Company has been seeking to redevelop two parcels at 910 Woodside Road. The proposed project, in which the two parcels would be merged, would include a three-story, 10-unit condominium development. While the initial project was approved in January 2017, the initial approval expired ruing the building permit review process. Now, the project’s property owner is nearing the end of the approvals process for a second time.
“We looked at different options to maximize profit, and this was the best option,” stated Peninsula Company’s Maria Rutenberg, when asked why the firm decided to pursue condominium development. “This is the best possible scenario.”
The ten condominium units will range from 1,946 square feet to about 2,442 square feet in size, and each unit comes with two garage parking spaces, which are located on the ground floor. The units also each have two-bedrooms and two bathrooms. Originally, Peninsula Company hoped to pursue a mixed-use development on the site, with commercial space on the ground floor and the condominium units above. However, Redwood City officials did not support the idea, stated Valera, and so the decision was made to move forward with a residential-focused development.
The development is designed by San Jose, Calif.-based Angelo Perez and features a modern exterior. The units will feature large windows and balconies with glass guardrails, as well as roof rafters accented with wood. A green roof is also highlighted in the project’s plans.
According to Rutenberg, the project just secured planning approval and Peninsula Company submitted building plans on Monday. Once entitlements are secured, Peninsula Company will likely sell the property with entitlements in place in the spring of 2020. Guidance pricing is expected to come in at $5.5 million.
“We are not builders, so I think if another company buys it, it will be a better deal for them,” explained Rutenberg as to why Peninsula Company plans to sell the property. “We do not have expertise in building.”
Peninsula Company was founded in 1998 and manages residential properties throughout the greater Bay Area. According to the company’s website, the firm also offers commercial brokerage services and buys and sells commercial properties and investment opportunities to investors.
As construction has taken off across the Bay Area, apartment and rental units have often been the multifamily product of choice for developers, due to—generally—less litigation and promises of a higher upside. However, the result has been a serious dearth in middle market, for-sale housing such as condominiums, townhouses and multiplexes, even though they often support walkable neighborhoods, public transportation and neighborhood-serving retail.
Peninsula Company’s project site is located just off of State Route 84, a major road through Redwood City and a main commercial corridor. Less than a block away from the site is a Safeway-anchored shopping center, and other retailers such as Starbucks, Chuck’s Donuts, Jack in the Box and Bravo Taqueria are within walking distance. Numerous other multifamily buildings also line the corridor, including the 885 Woodside Luxury Apartments and Montecito West, located just across the way from the development site.