(Save the date: RealShare Apartments East comes to the Hyatt Regency Miami, Florida on February 26th, 2013)
REDWOOD CITY, CA-Raintree Partners, a Laguna Niguel, CA-based real estate investment and development company, has begun construction on a ground-up multifamily development project, called 201 Marshall. The project is a 116-unit, seven-story community next to the Caltrain station in the heart the City’s expanding downtown.
201 Marshall is the first large project approved under Redwood City’s Downtown Precise Plan. The Downtown Precise Plan has a stated goal “to restore Downtown as the indispensable hub of the City where a mix of diverse services, conveniences, experiences and lifestyle choices” designed to create a true downtown including ample public transportation, housing, retail and office space.
Raintree Partners tells GlobeSt.com that construction costs are $25 million, and points out that the development will add to Raintree’s existing portfolio of 16 multifamily communities in California, consisting of more than 2400 units.
Jeff Allen, CEO of Raintree Partners, says that “Raintree has been actively acquiring existing properties over the last five years. More recently, we have also been seeking development opportunities. Redwood City is the perfect location for a new development, as the downtown area is undergoing a serious transformation into a vibrant mixed-use environment.”
Check back later today for more on this project.