By Jon Peterson
Station 1300, located at 1300 El Camino Real in downtown Menlo Park, is planning to kick off construction as early as August. This project’s two major components are 205,000 square feet of office space and 183 apartment units.
The developer of this project is Palo Alto-based Greenheart Land Company, which has seen strong interest in the location. “It’s our opinion that this project will get a tremendous amount of interest from both office tenants and renters given that the project is less than a block away from the Menlo Park Caltrain station. Everyone wants to be as close to Caltrain as possible,” says Bob Burke, a partner with Greenheart. He declined to state the cost of the project.
This development will be a unique one for the city of Menlo Park given its location and size. “Our project will be the first new office development on the west side of 101 in Menlo Park since 1974. Companies that are looking for large blocks of space in the city will now have some options,” said Burke.
Greenheart has owned this site for this development since 2012. The company paid $24.5 million for the site at that time, according to public documents. It’s capital source for this project are high net-worth individuals. It took the development company four years to take the project through the entitlement process. This was finally achieved in February of this year. The demolition of the existing buildings on the site started in April.
The office leasing on the project will be overseen by the Palo Alto office of CBRE. “This is really a big development for Menlo Park. In the downtown area, there is really no vacancy for office space. Tenants really do want to be close to Caltrain, and their employees will also be able to walk to a large number of restaurants in the area. We are expecting to see both professional service and technology companies interested in the site,” says Jonathan Moeller, an executive vice president with CBRE. Other people involved for CBRE are Todd Husak, Doug Beck and David Wright.
Greenheart immagines three kinds of renters interested in the apartment portion of the project. “One would be the young professional worker. Another would be people who are having their home renovated and want to live in a nice apartment over the next one to two years. We also should get some retirees, who are thinking about renting before they buy a condo,” said Burke. The apartment complex will have 20 units that are affordable.
One of the benefits to the project is that every apartment resident and office worker will be provided a GO-Pass. This will give them unlimited access to Caltrain.