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FREMONT, CA—Is Fremont the next micro-urban innovation district? Many developers—who are beginning to line up—seem to think so.
Developers are snapping up land…approximately 220 acres of land has been acquired by developers around the future Warm Springs BART Station, says JLL.
Greg Matter, SVP in the Silicon Valley, CA office of the firm, tells GlobeSt.com that on July 22nd, the Fremont City Council adopted its Warm Springs/South Fremont Community Plan, which envisions an Innovation District and a significant regional opportunity for employment-focused, transit-oriented development in South Fremont. The 850-acre area is anchored by the Tesla Motors Factory and a new BART station, expected to be operational by the end of 2015.
The previously underutilized industrial land is positioned to accommodate 4,000 new housing units, 10 million square feet of new commercial space, and up to 20,000 jobs over time. From downtown Oakland to the future end of the line at Beryessa in San Jose, reveals that Warm Springs is the only station that can accommodate an employment center south of Oakland, he says.
In addition, he adds, recent research from the Brookings Institute on Innovation Districts confirms that Warm Springs clearly fits the bill for an Innovative District and “has the potential to be a cutting-edge, national example of how diverse users mix and mingle, resulting in the stimulation of innovation. Peel back the layers of any Innovation District, and you realize that it doesn't just occur on its own. The City is highlighting this plan's particularly unique attributes, including its transit focus, unique land use flexibility, vision for an exciting and dynamic public realm, and incorporation of sustainable design.”
As for the developers and corporate users who have already lined up? Medical device giant, Thermo Fisher Scientific, has completed the construction of a brand new 275,000-square-foot manufacturing facility, south of the Tesla Factory. In addition, he tells GlobeSt.com, Toll Brothers and Valley Oak Partners are proposing residential development projects near the BART station and Lennar Homes plans to build a large, mixed-use development immediately north of the Tesla Factory.
What does this all mean? “With a diverse mix uses and tenants, the Warm Springs Innovation District and South Fremont are poised for long term growth,” Matter says.
Check out the chart below for more.
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