SAN MATEO, CA – January 8, 2014 – Sares Regis Group of Northern California (SRGNC) has closed escrow on the acquisition of 1101 West El Camino Real in downtown Mountain View. Sares Regis received approval from the City of Mountain View in November to construct condominiums in a new luxury residential community which will replace an obsolete car wash on an approximately one acre site. The infill development site will be transformed into 52 condominium homes constructed in a stacked flat configuration, including studios, one, two, and three bedroom plans.
The building will be four stories above a subterranean parking garage. Some of the community’s amenities will include a large landscaped courtyard, outdoor entertainment spaces, electric charging stations for residents, and a secure bike storage and repair facility. The planned community is targeting LEED GOLD, is within short walking distance to parks, transit and downtown Mountain View, and conforms to the Grand Boulevard Initiative’s guidelines to improve the pedestrian experience along El Camino Real.
Site preparation is slated to begin later this month with full construction starting in May. The development is designed by Van Tilburg, Banvard & Soderbergh (VTBS Architects).
“We are excited to deliver high-quality, ownership housing to Mountain View residents who seek a lifestyle near transit, services, schools, parks, and employment. We believe that sustainable, infill projects such as this will serve as catalysts to implement the transformation of El Camino Real into a pedestrian oriented environment with improved streetscapes and urban design,” said Dave Hopkins, Senior Vice President at Sares Regis Group of Northern California. “1101 El Camino will contribute to modernizing Mountain View’s housing stock to attract professionals from nearby businesses helping to eliminate long commutes and supporting the local businesses in the neighborhood.”
The 1101 El Camino development will contribute to the revitalization of El Camino Real, the Bay Area’s longest running arterial throughway stretching from Daly City to San Jose and beyond. Local city planning commissions have been addressing complaints from local residents who want a more urban design for El Camino Real. Mountain View has over 30 projects in the works along El Camino Real to support the Grand Boulevard Initiative.
Called the “grand boulevard of meaningful destinations”, The Grand Boulevard Initiative was established as a solution to attract new development including retail, transit, employment, services, and housing along the El Camino Real corridor. 1101 El Camino will meet the initiative’s challenge by positioning the condominiums further from street level, designed to promote increased foot and bike traffic to Mountain View’s neighboring developments.
About Sares Regis Group of Northern California
Real estate industry leader, Sares Regis Group of Northern California (SRGNC), and its affiliates are developers, investors, managers and builders in the San Francisco Bay Area. Since 1993, the firm has focused on entitling, building and value add investing in multi-family apartments, for-sale homes and commercial offices. Focused on in-fill locations, SRGNC has developed more than 4,000 apartments, 2,000 homes and 7,000,000 square feet of commercial buildings. Collaborative, strategic and diverse, the Sares Regis team is particularly skilled at achieving successful outcomes in the built environment for communities, clients and investors. For more information about Sares Regis Group of Northern California please visit http://www.srgnc.com.