(Save the date: RealShare Apartments East comes to the Hyatt Regency Miami, Florida on February 26th, 2013)
REDWOOD CITY, CA-As GlobeSt.com reported this morning, 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.
GlobeSt.com has learned from Raintree director of development, Jason Check, that “The city’s proximity to San Francisco and San Jose makes it a desirable location for young professionals who are commuting to these markets for employment, as well as for those wishing to live in an area with shopping, night-life, transportation, and expanding employment opportunities all within walking distance.”
Check explains that “When we decided to build this project, one of the first things we did was to contact Zipcar, a car sharing company, to encourage the company to expand into Redwood City, which it did earlier this year across the street from our property. Our residents will now be able to walk to Zipcars, to Caltrain, and to employment, groceries, shopping, restaurants and nightlife,” Check explained.
According to Check, Redwood City’s Downtown Precise Plan enabled Raintree Partners to quickly entitle the site. “We were able to complete our entitlement effort with the City and start construction in little more than one year,” he says.
“The Downtown Precise Plan is a very innovative plan, and one that should serve as a model to other cities seeking to create community supported change at a more rapid pace when the market supports new development,” Check says.
Raintree Partners acquired the property at 201 Marshall St. directly from the seller in February 2012 in an off-market transaction after it had completed the entitlement for the project. The firm would not release further information on the seller or for how much it was purchased for by deadline. Construction is now underway on the project, which is scheduled to open in Spring 2014.
201 Marshall will contain studios, one- and two-bedroom floor plans. The community was designed by TCA Architects, and will feature a modern design with open-concept units, as well as loft-style units. The community will also feature upscale finishes, a bike repair workshop and bike lockers, telecommuting center, outdoor communal dining, and an expansive roof deck with an indoor/outdoor lounge area.
Raintree currently has three other Bay Area projects in development. The company is actively pursuing additional development opportunities in California, focusing on infill sites in core markets in both Northern and Southern California, according to a prepared statement.