DUBLIN, CA-The first phase of Dublin’s Taste of Waterford was officially completed last week. The $125-million project at 4800 Tassajara Rd. includes 125,000 sf of retail space and 390 apartment units.

Waterford Place, the residential portion, will eventually encompass 390 apartment units at the north end of the site and include ground -floor retail space. The retail component, called The Shops at Waterford and set up as a traditional main street, is a 10-building design anchored by a Safeway grocery store.

Developer Shea Properties of Livermore, CA tells GlobeSt.com that the retail is all but leased up to a half-dozen cafes and eateries and about two dozen stores. The first phase of apartments, about 214 units, is 78% leased, according to a company source. The rest of the apartment units are under construction expected to open this fall. One-bedroom/one-bath units range in size from 600 sf to 922 sf. two-bedroom/two-bath units range from 1040 sf to 1367 sf.

Orange County-based Architects Orange designed Waterford Place, the apartment community. The Shops at Waterford, the neighborhood retail component, was designed by San Diego-based SGPA Architecture and Planning.

Shea Properties owns and operates more than 7,000 apartment units and 5.2 million sf of real estate in California and Colorado. Another 1,200 apartment units and 10 million sf of office, industrial and retail space are in the development pipeline in Northern California, Southern California, Arizona and Colorado.

According to RealFacts, in the first quarter of 2003 apartment rents in the Oakland PMSA–which includes both Alameda and Contra Costa Counties–declined by $4 from December to $1207 per month. Rents in the PMSA have declined 2.8% over the past year. Rents today stand at about the level they did three years ago, but are still the fifth highest rents in the Western Region, according to RealFacts.

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