By Nancy Amdur
Mill Valley-based Thompson Dorfman Partners is selling an approximately one-acre parcel entitled for 52,000 square feet of commercial development at 1159 Triton Drive in Foster City. The company also put on the market an approximately 1.5-acre development site approved for 20 townhomes nearby at 1136 Triton Drive.[contextly_sidebar id=”ZHamqvz61JYJFL9NrpdBMdXl15f4EK94″]The parcels are part of the real estate development and investment firm’s 6.3-acre Waverly mixed-use project site. The Waverly is one of four phases in the nearly 21-acre Pilgrim Triton Master Plan area at East Hillsdale and Foster City boulevards, said Leslie Carmichael, consultant planner for Foster City. The one-acre commercial site is expected to hold an office or office-retail project, Carmichael said.
Thompson Dorfman is under construction with the Waverly’s 220 rental residential units, scheduled for initial occupancy during the third quarter of 2016, said Bruce Dorfman, co-founder and principal of Thompson Dorfman.
Plans call for the 20 luxury Pilgrim-Triton Townhomes portion of the project to include two- and three-bedroom for-sale units and 48 parking spaces. Real estate brokerage Cushman & Wakefield, Inc., is the advisor on the offering of fee simple interest in the property with Executive Director Todd Vitzhum and Director Simon Herrmann as investment contacts.
Real estate firm DTZ is marketing the one-acre commercial parcel. Sam Wright, senior vice president, Ben Paul, executive managing director, and Mike Moran, managing principal are listed as brokers for the property.
Also as part of the master plan, Thompson Dorfman is building Triton Pointe, which will include 166 rental apartment units and 55,000 square feet of commercial space on about five acres bounded by Foster City and East Hillsdale boulevards. It is scheduled for completion this quarter, Dorfman said.
San Mateo-based Sares Regis Group of Northern California is working on another phase of the master plan. The company’s project is approved for 17 residential units and about 173,000 square feet of commercial space. Sares Regis recently submitted a preliminary application with the city to revise its project to include 65 to 70 for-sale townhomes and no commercial buildings, Carmichael said. That proposal could change when the company submits its final application, she added.
Sares Regis, on behalf of the property owner Northwestern Mutual Life Insurance Co., also built the 307-unit luxury Plaza Apartments as part of the master plan. That project was completed in 2013.
The Pilgrim Triton Master Plan, approved by City Council in 2008, calls for 296,000 square feet of commercial/industrial office use; up to 730 residential units; and one acre of open space. The area is easily accessible to Highways 92 and 101.