San Francisco Business Times
October 18, 2018
By Hannah Norman
The 220 rental units developed as part of a mixed-use waterfront development have hit the market in Foster City.
The five-story building dubbed The Triton, located at 55 Triton Park Lane, offers one-, two-, and three-bedroom flats and lofts. Rents start at $3,641 per month, according to managing real estate firm Legacy Partners. The city of Foster City says the building also has 48 below-market-rate units in the very low to moderate income range.
The community complex houses 5,000 square feet of ground floor retail. The entire mixed-use development, which includes an additional 20 townhouses and 53,000 square feet of office and commercial pace, sits on a 6.3 acre plot.
The property is just under three miles from the Hillsdale Caltrain station in San Mateo and located near the Little Coyote Bike Trail, Poplar Creek Golf Course and Foster City Lagoon.
Mill Valley-based Thompson Dorfman Partners, LLC developed the property, which is owned by Los Angeles asset management company ARES Management (NYSE: ARES) and USAA.
The Triton is the third phase of the city of Foster City’s Pilgrim Master Plan, which spans over 20 acres and includes 296,000 square feet of commercial and industrial office space, a total of 730 residential units and one acre of park and open space.
The Foster City city council approved the master plan back in 2008.