Greystar Development Plans 175-unit Apartment Complex in Redwood City

Greystar Development, Redwood City, San Francisco, Silicon Valley, Peninsula

By Jon Peterson

Charleston, S.C.-based Greystar Development has plans to develop a new apartment project in Redwood City at 103 Wilson Street. This development was approved last month by the Redwood City council at a board meeting.

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Greystar is no stranger to developing apartment projects in Redwood City. It’s now under construction on the 305-unit Elan Redwood City development at 299 Franklin Street. This development should be completed by the summer of next year.

Greystar feels extremely optimistic and positive about the market opportunity in Redwood City. “Redwood City offers a central location near major Peninsula and Silicon Valley employers, numerous transit options and a variety of dining and nightlife options that all combine for a quality of life that is very appealing. Redwood City officials and staff are great to work with, as they strive to find the right balance to encourage development fostering a vibrant and diverse community,” says Jonathan Hayes, development director for Greystar.

Greystar declined to comment on the development cost of 103 Wilson and what investment entity of Greystar has made an equity investment in the project.

It will be a short while before this project is started, however. “We expect to break ground on this development in the summer of 2015 and be completed by the summer of 2017,” said Hayes.

This project will add to the housing stock for Redwood City and expand residential opportunities in the mid-Peninsula city. “This project will benefit the city by adding more housing for our residents in the downtown area. The Caltrain stop is about 1,000 feet away, which will allow the renters to use public transportation. This project is part of the 2,600 residential units and 700,000 square feet of commercial space we are looking to add to the marketplace in the future,” said Sailesh Mehra, associate planner with the City of Redwood City.

Greystar has not established an office name for the project on Wilson Street. The project, which will ultimately rise up seven stories, has several planned amenities, as well. This will include a rooftop terrace, fitness center, bicycle storage, electric vehicle charging stations, indoor/outdoor clubroom with access to a landscaped courtyard with an outdoor BBQ/kitchen, fireplace and seating areas.

Greystar is known as a national developer and owner of apartment projects. The company does have a regional office in San Francisco located at 221 Main Street.

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