Development is now vested, and looking towards future groundbreaking
Millbrae, Calif., (June 14, 2018) – Last week, the Gateway at Millbrae Station development cleared its final major hurdle as the appeal period and referendum deadlines passed with no challengers. In not having any challengers, the development has officially vested and can now prepare for groundbreaking.
Organized by a committee named Better Millbrae, a well-financed effort to delay the matter via referendum failed to gather the necessary signatures in their attempt to overturn the City’s decision at the ballot box. Despite submitting state required disclosure forms, Better Millbrae has yet to disclose the source of their funding.
Offering 400 apartments, including 80 stand alone veteran preferred affordable apartments, and an additional 20 affordable rate apartments within the market rate complex, the development is viewed as a major victory for housing advocates.
“As the housing crisis continues to push the sons and daughters of the Peninsula away from the neighborhoods that raised them, our development will provide an opportunity for many of them to stay home,” said Michael Van Every, Chief Executive Officer/President, Republic Urban Properties. “ I look forward to breaking ground and providing critically needed housing.”
According to recent reports, the median price for a single-family home in San Mateo County exceeds $1 million. In a poll conducted by the Bay Area Council, 40% of respondents stated that they would likely leave the Bay Area due to the high cost of housing.
Throughout the approval process, the Gateway at Millbrae development was supported by a local coalition comprised of affordable housing advocates such as the Housing Leadership Coalition and the San Mateo Building Trades.
“The days of NIMBYism must come to an end,” said Milo Trauss, Member, YIMBY Action. “If you truly love your community, fighting against new housing is not how you show it. The more you fight it, the more likely it is that you are going to lose the character of your community as working class families will no longer be able to call Millbrae home.”
About the Republic Urban Properties
In 2014, the Republic Urban Properties (“Republic”) conceived the Veterans Housing Initiative (“VHI”) to deliver a variety of housing and enhanced housing products to meet the needs and desires of the U.S. veteran population. Reflecting the variety of housing products and ambitions for a nationwide program, Republic intends to involve development, and in some cases operating partners, to take advantage of local knowledge, capacity and management expertise. Projects will be comprised of existing housing acquired and repositioned to meet VHI standards and ground-up assets constructed by Republic entities and/or its partners.
Republic encompasses several operating companies including Republic Land Development LLC, Republic Properties Corporation, and Republic Urban Properties LLC.
Republic is a privately owned, full-service real estate investment, management and development enterprise. For more than 30 years Republic has focused on institutional quality real estate, actively managing partnerships and other fiduciary relationships for successful real estate investments throughout the United States. Republic has developed award-winning real estate projects ranging from land development to historic adaptive reuse to shopping malls. We have developed and invested in real property transactions totaling over 17 million square feet with a value in excess of $4 billion.
For more information: www.republicfamilyofcompanies.com