(EDITOR’S NOTE: According to public documents, the sale closed at the end of June 2018 for $20.5 million. The buyer was Strada Investment Group, which will further pursue the development with the City of Redwood City.)
Regional developer to build 131-unit townhouse residential
BURLINGAME, CA – CBRE Group, Inc. announced today the sale of an 8.35-acre waterfront development parcel located in Redwood City, CA. This high-profile development site, which is strategically located within the previously proposed Redwood City Inner Harbor Specific Plan area, was purchased by regional development company. The Property located adjacent to the former Docktown Marina, will serve the significant demand created by growing employment and limited housing available on the San Francisco Peninsula and the many other major employment centers in Silicon Valley. The 131-unit three-story townhouse project offers tuck-under parking, three and four-bedrooms units, roof-top patios and common area amenities.
Bruce Paris of CBRE’s Capital Markets – Land Services Group based in the San Francisco Peninsula arranged the sale on behalf of a local family trust.
“The site, which is located in the San Francisco Bay waterfront of Redwood City, required numerous governmental approvals ultimately resulting in a rezoning of the site to include implementation of the Mixed Use – Waterfront General Plan land use designation, as well as a Tentative Map, Condominium Permit, Planned Development Permit, Use Permit, Sign Permit and a Project-Level Environmental Impact Report. The proposed project also includes a Bay Trail connection along the waterfront and extension of Blomquist Street from Maple Street to Redwood Creek ,” said Paris. “This very complex entitlement process took over four years to procure all necessary approvals.”
“With the majority of potential sites on the Peninsula having been or being developed for office development, it’s very unique to have a site of this size with direct waterfront orientation as well as excellent freeway access to Highway 101, available for so important and necessary housing development,” said Paris.
At the time of sale, the property was leased to multiple short-term tenants and had been previously used for boat storage, vehicle maintenance and marina support. This diverse 100-acre waterfront area presently encompasses varying levels of recreational and watercraft uses, marinas and businesses/industrial uses and waterways.
“Large land sites on the Peninsula are in short supply, and the majority of such sites that have been or will be available in the future, are typically redevelopment, surplus or former public facility-use properties,” said Paris. “As a result, the CBRE Land Services Group largely focuses its efforts on filling this pent-up demand from developers both nationally and internationally, providing a specialty service in the San Francisco Peninsula market.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.