Developers Look to Build in Palo Alto, They Just Need to Find Parking

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DTPB development projects submitted & under review within the past 6 months:

  1. 135 Hamilton Ave. – 28,085 square feet proposed class A mixed-use
  2. 240 Hamilton Ave. – 15,000 square feet proposed class A project
  3. 636 Waverly St. – 10,864 square feet proposed class A mixed-use
  4. 611 Cowper St. – 28,392 square feet proposed class A mixed-use
  5. 537 Hamilton Ave. – 14,567 square feet under construction Class A office

Local Impact:
if Palo Alto approved the construction of all the recent development proposals, the total amount of new office space (net of residential and retail) that could potentially be added to the downtown area would be 77,379 square feet.

Challenges:
Planning officials have been concerned over the shortage of parking and the loss of retail space due to expanding tech firms downtown. For this reason, there has been much debate over how the new development project provide “community benefit” to the city, and it has led to lengthier reviews.

Did you know…
Palo Alto officials are looking at multiple approaches to the parking shortage in the downtown area. This includes a proposed 5-story parking garage on High Street. The developer, Chop Keenan, would pay $7MM for the new structure with an additional $1MM from the city. If the new garage is approved, the developer would have exclusive parking rights to the 4th and 5th floors to service tenants at his proposed 135 Hamilton office development.

Source: Jones Lang LaSalle

West Coast Commercial Real Estate News