By Kate Snyder
Carmel Partners has purchased a site in Burlingame where the firm plans to construct a multifamily development. The office building was sold to the company for $28 million, or approximately $980 per square foot, according to public records. The seller was an entity affiliated with Certosa, Inc. The sale was recorded on Jan. 6.
The 32,625 square foot building is located at 1766 El Camino Real on a 1.7-acre site within the city’s Burlingame Village neighborhood. It sits just behind the Burlingame Police Department, and nearby businesses include the Mills-Peninsula Medical Center, CVS Pharmacy and Peninsula Ophthalmology Group. The site is just minutes from the San Francisco International Airport.
Originally, Carmel Partners intended to construct a mixed-use project at the site, according to The Registry’s previous reporting. However, those plans changed and the firm gained approval for a multifamily development instead. According to city records, the city approved an application last year for the construction of a new eight-story, 311-unit residential building with 2.5 levels of basement parking.
The project’s residential units will be a mix of studios, one-, two- and three-bedroom apartments, with 22 out of the total reserved for very-low income households. Nearly 26,000 square feet of open space is also planned. Oakland-based TCA Architects is the project designer and planned for the building to be a mixture of brick veneer, metal panels, composite wood and stucco of varying colors.
Carmel Partners is an institutional investment manager focusing on multifamily acquisition, development and construction as well as debt and lending, according to the firm’s website.
The company has a number of multifamily projects at various stages of development throughout California, including the Bay Area. One recent proposal is for the construction of a 227-unit residential complex as an infill to the firm’s Admirals Cove development in Alameda. The project site is located at 300 Mosley Ave.
Another project is a 218-unit group housing development planned for San Francisco’s SoMa neighborhood. To be located at 925 Bryant Street, the plan would include the construction of a 127,467 square foot building totaling seven stories with ground floor retail space.
