San Mateo, CA – Sares Regis Group of Northern California (SGNRC) was selected to enter into an Exclusive Negotiating Agreement to develop a 2.7-acre site at the doorstep of the Hayward Park Caltrain Station in San Mateo. The site’s owner, the Peninsula Corridor Joint Powers Board (PCJPB), which runs Caltrain, selected SRGNC as the developer through an RFQ/RFP process. The site is currently used as a parking lot serving the Hayward Park Cal train Station.
“We’re thrilled to have been selected as developers for the site,” said Ken Busch, SRGNC’s Senior Vice President of Residential Development, who will lead the project. “Given its proximity to the train station, we envision a transit oriented multi-family apartment complex on the site, and will also work with Caltrain to meet their future operational needs at the location.”
SRGNC is proposing 100-150 apartments at the site, which sits immediately adjacent to the “Station Park Green” development on Delaware Street that includes 599 apartments plus retail space.
“We selected SRGNC because of their track record developing and managing properties,” said Brian Fitzpatrick, Manager of Real Estate and Property Development for PCJPB. “Their ability to work with our agency to address transit connectively while following through on our shared vision of a vial transit oriented development project was a key factor in our decision.”
If negotiations are successful, the parties will enter into a ground lease and the development application would be processed through the San Mateo city-planning department.
About Sares Regis Group of Northern California:
Sares Regis Group of Northern California and its affiliates, Regis Homes Bay Area and Regis Contractors Bay Area, are regional companies based in San Mateo, California. As leading developers and managers of commercial and residential real estate in the western United States, the companies have more than 6.5 million square feet of commercial properties valued at $500 million and over 2,800 residential units under development. Since its inception, the company has acquired or developed approximately 46 million square feet of commercial properties and 20,000 multifamily and residential housing units. For more information, please visit: www.SRGNC.com.