(To read more on the multifamily market, click here.)

MILLBRAE, CA-A four-story, 109-unit condominium development will rise where a bowling alley once stood on El Camino Real near Downtown Millbrae. Site work began at 1355 Broadway in May 2006 and completion is slated for spring 2008.

The Park Broadway will have 96 one-, two- and three-bedroom units on the top three floors, 13 live-work loft spaces on the ground level and two levels of underground parking. Ranging from 704 sf to 1,970 sf, the units will wrap around an inner courtyard. Amenities include a lap pool and a fitness center.

The developer is Northern California division of Silverstone Communities, a luxury urban infill specialist. Division president John McMorrow tells GlobeSt.com the total development cost is about $60 million.

Located near restaurants, theaters and transportation, the project supports the Grand Boulevard Initiative, a regional effort to spur economic growth, housing opportunities and community vitality along El Camino Real. The project is also in line with the Millbrae Station Area Specific Plan, which calls for new, high density transit oriented development in 116 acres around the Millbrae BART and CalTrain station.

Unit sales have not yet begun. McMorrow says the estimated gross revenue on unit sales is $72 million, based on an average price of about $560 per sf.

There are about 350 condominium units planned or under construction along El Camino Real, according to the City of Millbrae. Other projects include 88 South Broadway, a 105-unit project at El Camino Real and Millbrae Avenue, and Belamor, a 133-unit project at the intersection of Chadbourne Avenue and El Camino Real.

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