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NEWPORT BEACH, CA-The Irvine Company, Orange County’s largest landowner and real estate developer, has begun construction on a 206-unit apartment complex on Franklin Street in the downtown redevelopment area of Redwood City.

Bounded by El Camino Real, Jefferson Avenue, Maple Street and the Caltrain transit line, the project will be the first to be completed as part of the city’s urban renewal efforts. Situated on 4.5 acres, the complex will include four, three- and four-story buildings. There are also plans for a multi-theater complex is the area. Construction on the Franklin Street project is scheduled for Fall 2001.

“We are excited about the opportunity to invest in a community that is undergoing significant redevelopment,” says Rick Lamprecht, SVP for development at Irvine Apartment Communities. “As the Silicon Valley continues to wrestle with providing housing to meet the ever-increasing demand, we welcomed the chance to build this new community in an urban area along a major transportation corridor.”Featuring Italian-style architecture consistent with the architectural heritage of the city’s downtown area, all units will face the exterior, and all building will be individually gated and secured. Amenities will include pool and spa, a fitness center, community lounge and a business center/conference room.

“This is a very exciting development,” says Ira Ruskin, mayor of Redwood City. “It will not only upgrade a very visible part of the city, it will help meet three other vital needs. It will provide housing, which is in short supply. It places that housing in the transportation corridor, so residents have a better opportunity to use Caltrain, rather than the freeways. And, it’s near our downtown, so it will help provide foot traffic needed to fully revitalize the downtown area.”Based in Newport Beach, The Irvine Company has properties in Los Angeles, San Diego and the Silicon Valley. Current the company owns and operates, or has under development, 77 apartment communities with almost 25,000 units.

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