- Publication: San Francisco Business Times
Date: April 12, 2013
Multi-family housing construction is coming back on the Peninsula
Wood Partners recently broke ground on a $43.7 million apartment community of 111 units in San Mateo. The 2.4-acre site at 2090 S. Delaware Street is adjacent to the Caltrain Rail Line, which will give future residents access to job centers north and south. Wood Partners, one of the nation’s leading multifamily developers, expects the project to be completed and ready for leasing in spring 2014.
“This new project will provide transit-oriented housing to an area that has seen only one new apartment community since the early 2000s,” said Brian Pianca, a development director in the firm’s San Francisco office. “There is strong job growth in the area, but a significant lack of new apartments.”
The two three-story buildings with subgrade parking will feature common amenities including a fitness center with yoga, resident lounge and club room and expansive amenity decks.
Units will average 970 square feet and residents will choose from one-, two- and three-bedroom units.
In Foster City, Thompson Dorfman Partners and CityView are joining forces on a $74 million mixed-use development. CityView plans to provide $26 million in equity to finance the project Triton Pointe at 5541 Foster City Blvd., which will include 43,000 square feet of office space, 8,000 square feet of retail and a 166-unit market-rate apartment complex with approximately 20 percent of the units priced affordably.
The 4.92-acre project is expected to break ground in June, said Tony Cardoza, a managing director with CityView.
The developers secured entitlements at the end of last year. It is part of the 21-acre Triton Pilgrim Master Plan approved by the city in 2009, which includes more than 700 housing units and nearly 300,000 square feet of offices. Triton Pointe is supposed to be completed by July 2015.