Prince Street Receives Approval for 55,000 SQFT Mixed-Use Project in Menlo Park

Palo Alto, Prince Street Partners, Menlo Park, Newmark Knight Frank, Santa Cruz Avenue, Merrill Street, Mixed-Use Project

By Jon Peterson

Palo Alto-based Prince Street Partners has received approval for its mixed-use development in Menlo Park located at 506 and 556 Santa Cruz Avenue and 1125 Merrill Street. The total square footage of the project is 55,000 square feet.

“We think of this project being ground zero for the city of Menlo Park. Its located across the street from the Caltrain stop in Menlo Park. This is really a very important fact for many people either living or working in Menlo Park. Our site is very close to the downtown section of Menlo Park where all the shops and restaurants are located,” says Chase Rapp, a managing partner with Prince Street.

Getting this project through the entitlement process was not easy. “It took us two and half years to get our project through entitlements. I think that this shows how difficult it can be to get projects approved, but we always believed our project was a very strong one for the city of Menlo Park,” said Rapp.

The developer would not comment on what it paid to acquired the three locations for the project and what it’s total development cost on the project will be, but public records indicate that the developers paid at least $9.25 million to acquire the lots in early 2017. The tenants in the three single-story retail buildings are on a month-to-month leases now or have moved out.

The groundbreaking for the new project will be started around the first of September of 2018. The delivery of the space and tenant improvements should start around October of next year and tenant occupancy happening in February of 2020. Around 50 percent of the project will be the development of office space. It will also have 9 high-end residential units on the top floor, and the balance of the project will be retail.

“We have already had some leasing success on the office part of the project. Around 30 percent of the office space has been leased. One of our targeted renters for the office space will include venture capital firms,” said Rapp. The leasing part of the office space is being done by the Palo Alto office of Newmark Knight Frank. The leasing agents are Christian Prelle, Howard Dallmar and Bryte Bellotti.

West Coast Commercial Real Estate News