LAGUNA NIGUEL, Calif. – Raintree Partners, an Orange County-based private commercial real estate investment company, is under construction on three mixed-use projects in California totaling more than $500 million in value. The projects include a 465-unit apartment and co-working property in Sunnyvale, California; a 109-unit multifamily and retail project in Dana Point, California; and a 92-unit multifamily, co-working, and kayak rental property on the waterfront in San Francisco, California.
“Mixed-use projects including authentic retail and food options as well as dedicated workspaces for residents have always been a part of great cities,” says Jason Check, Managing Director of Raintree Partners. “That said, there has been a rise in demand for these projects over the past five years, as communities seek to increase opportunities for engagement and connection among people and businesses, driving economic growth and delivering higher quality of life for community members.”
Check attributes the recent increase in mixed-use developments to a shift towards a more urban, walkable way of life that is in demand across the nation. “People of all ages prefer walkable communities, and the convenience that comes along with them, now more than ever before,” Check says, citing a 2015 survey conducted by American Strategies and Meyers Research in which 79 percent of respondents said that they place importance on being within easy walking distance of amenities.
Check explains, however, that a single project cannot support the wider vision that most cities are working to establish. “There needs to be a critical mass of interesting uses to make a place great,” he says. “Ideally, we will continue to find opportunities to provide housing where people can park their car for the weekend and enjoy the neighborhood – on foot. In these instances, a project’s location becomes its most important amenity, especially when it is situated in an environment with the right energy.”
Check notes that each of Raintree Partners’ new developments meets this criteria. These new developments include: Luxury Apartments and Co-Working in Silicon Valley.
Raintree’s Encasa development will feature 465 luxury apartment units and nearly 5,500 square feet of dedicated co-working space that offers private offices, lounges and other features. Located in central Silicon Valley, the property is in close proximity to Downtown Sunnyvale and is minutes away from Moffett Park and the technology corridor, which consists of Google, Microsoft, Yahoo, HP, LinkedIn, and countless other major employers, along with shops, restaurants, entertainment venues, and more. The project also includes an extension of the John Christian Greenbelt, a pedestrian path and bike network that connects the property to local business hubs.
Raintree Partners has created a 1.1-acre park in the middle of the project atop a previously unused utility easement. “This is a prime location for Sunnyvale’s growing population of professionals, and it is a very unique property,” says Rick Price, Vice President of Development at Raintree Partners. “The way Americans work has changed, and we are anticipating the needs of our residents by integrating thoughtfully designed work spaces into this new community.”
Price confirms that the Silicon Valley boasts 1.5 million jobs, and that employment in the region is growing at rates not seen since the dot-com boom of the early 2000s.
“Beyond strong job growth, the market’s estimated population of 3 million make live/work spaces like these essential to this densely-populated region, where traffic is a major concern and employers are increasingly allowing employees to work from home,” he says.
Raintree’s development will feature both co-working and/or private office leasing. The community also features multiple swimming pools, over 4,000 square feet of spa-inspired fitness space, a community garden, communal kitchen and herb garden, a craft workshop, parks, private garages, bicycle repair rooms, and more.
Raintree completed Phase I of the project in Q4 2016, and leasing is underway.
Phase II of the project is in progress. Leasing interest inquires may be directed to the project website: www.encasaliving.com.First
Major Development in Dana Point, California’s New Lantern District
Raintree Partners recently broke ground on a new multifamily and retail development in Dana Point’s newly revitalized Lantern District. The project, called Prado West, will bring 109 new luxury residences and nearly 30,000 square feet of new restaurants, shops, and public courtyard space to the city.
“This is the first major development in Dana Point’s revitalization plan for its downtown Lantern District and we are very excited to be working with the local community on this project,” says Jason Check, Managing Director for Raintree Partners. “We are working very hard to ensure that the project is well-aligned with the overall community vision for the Lantern District.”
The new Prado West community will offer thoughtfully designed one -, two- and three-bedroom residences in walking distance to the beach featuring private outdoor terraces, concierge services, on-site fitness, surfboard lockers, boat and paddle board rental, and more, as well as harbor, dining, grocery and retail options, according to Check.
The community’s ground floor retail space is planned as a walkable commercial storefront that will accommodate a mix of local restauranteurs and retailers in a casual coastal setting, and will include a public plaza with outdoor seating and community programming opportunities.
Justin McMahon and Barclay Harty of CBRE are now managing commercial leasing for the Shops at Prado West. Prospective tenants can reach them at firstname.lastname@example.org or 949-725-8659. The interest list for the community is available at www.pradowest.com.Waterfront
Community in San Francisco’s Increasingly Residential Dogpatch
Located in San Francisco’s historic Dogpatch neighborhood, Raintree’s “The Martin” development includes 92 luxury apartments as well as co-working space and waterfront kayak rentals.
“This is a fantastic location across the street from Crane Cove park and one of San Francisco’s few public waterfront access points,” says Check. “With unobstructed bay views, waterfront access, and close proximity to one of the nation’s strongest job markets (downtown San Francisco), the project will give residents easy access to the City and includes nearly 3,000 square feet of on-site communal workspace.”
Check notes that San Francisco posts population growth upwards of 60,000 each year and housing options are very limited notwithstanding a historically high rate of housing production over the past few years. “It takes several years to plan and develop a residential project in San Francisco, and the process is not getting any easier,” says Check, noting that new housing starts in San Francisco have started to slow.
Named after the Martin Brothers Shipping Company, which formerly occupied the project site, The Martin is situated along the Third Street light rail corridor adjacent to the Mariposa Street T-Line stop. A resident wait-list is currently underway for The Martin at www.themartinsf.com. The project is expected to be completed in Summer 2017.
About Raintree Partners
Raintree Partners is a private commercial real estate investment company principally engaged in the acquisition, development and redevelopment of multifamily residential and mixed-use properties in the major markets in California. The company is headquartered in Laguna Niguel, California with a regional office in San Francisco.
Raintree, in partnership with an institutional equity investor, takes a long-term investment perspective in the execution of its acquisition and development strategy. More information is available at www.raintreepartner