By Meghan Hall
A new property deal has closed, allowing a major housing developer to move forward with a nearly 499-unit project in Dublin. In a transaction that closed April 7, AvalonBay Communities purchased a warehouse property for $38.6 million, or about $172 per square foot.
The property is located at 6700 Golden Gate Drive and totals about nine acres. The warehouse itself includes about 225,000 square feet of space. Public documents show that the property was owned and entitled by a joint venture of Bayview Development Group and the Morley Brothers.
“We’ve had a long and successful relationship with the City of Dublin, and we are excited to help them realize the vision of the Downtown Dublin Specific Plan, and to add to the community that is springing up around West Dublin BART,” said AvalonBay’s Vice President, Joe Kirchofer, in a statement to The Registry.
The project, designed by KTGY, was originally pitched to Dublin officials in December of 2017. Upon completion, the property will rise five stories in height and include 781 parking spaces. Residential amenities, according to planning documents, include a clubhouse, pool, rooftop terrace, passive courtyards and a 1,500 square foot collaborative work space. Between patios and common spaces, more than 50,000 square feet of outdoor space will be provided. The proposal also includes the final extension of St. Patrick Way.
A 1.3 acre property just west of 6700 Golden Gate Drive will be used to develop affordable housing units in an effort to satisfy City inclusionary zoning requirements. That property will be developed by Eden Housing, a local Bay Area developer. As many as 114 affordable units can be built on the site.
“Dublin was a great City to work with to entitle housing. They were pragmatic and the City Council was very supportive of our efforts to bring the approved specific plan to fruition,” said Bayview Development Group’s Vice President of Development, Matt Conti. “We applaud Dublin’s leadership on affordable housing and their inclusionary programs that are a terrific tool for helping us meet the TriValley’s affordable housing needs.”
The building will feature a contemporary look and geometry following St. Patrick Way, and the ground level of the development will be highlighted with an entry plaza and two-story interior leasing office. Entry stoops on the ground floor will break up the bulk and scale of the building, providing a more intimate pedestrian experience. The southern portion of the building, which will face towards Interstate 580, will incorporate larging massing moves and changes in color palette. Materials used will include wood composite lap siding, cementitious panels, stucco, glass and metal awnings. Windows groupings and patterns will create visual interest along the building’s upper levels.
The development will be located in the heart of Dublin, near the intersections of the 580 and 680 Freeways. Workday’s headquarters are not far from the site, and the West Dublin/Pleasanton BART station is within walking distance. Dublin Place, anchored by a number of major retailers such as Safeway, Burlington and Petco, are also nearby.
Despite rising vacancy rates and moderating asking rates, rents within the Bay Area remain high. According to Kidder Mathews, the average asking rent for a unit came to $2,260 at the end of the first quarter. Vacancy sat at 8.4 percent. However, absorption during the first part of the new year was up nearly 700 units to 1,968, a bright spot for the local multifamily market.