Real Estate
Redwood City To Gain Housing
An eight-story building with rental units and retail spaces will be erected near the heart of Redwood City, which is expected to create noise for about two years.
Construction crews are scheduled to build a new apartment complex in Redwood City, California that may generate more business for downtown merchants from people who prefer not to drive vehicles.
Two real estate investment companies partnered to create an eight-story apartment complex that will be built at 601 Main Street. The building will be within walking distance to the Redwood City’s Theatre Way and the Caltrain station. These two elements were something that project planners had in mind when deliberating about the project’s potential return on investment.
“This is an ideal location that offers a dynamic urban lifestyle option within walking distance to shops and restaurants and close proximity to the area’s major employment centers and transportation corridors,” said Alex Waterbury, president of Northern California development for Lennar Apartment Communities, in a statement.
Lennar Apartment Communities and Resmark Companies have been working on the project since 2011. Lennar Apartment Communities is handling the operations elements of the project from is headquarters in Miami Florida, while Resmark Companies is providing equity for the project from its headquarters in Los Angeles.
This will add to the twelve major construction projects underway in Redwood City, which is experiencing a major expansion of its housing stock.
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The exterior of the building can be described as contemporary with big windows and an articulated façade that adds depth and aesthetic appeal. Inside the building will be storage spaces for about 100 bicycles. The complex will have 196 apartments.
The new apartment complex does not yet have a name, nor has it been decided which businesses will be on the ground floor. The company has no plans to convert the rental units into purchasable condos, according to a Lennar spokesperson, although they will be built to condominium specifications with noise reduction insulation incorporated into the design.
The price to rent one of these units has not been determined. Whether or not the company is partnering with local suppliers is unclear.
What is clear is that construction is scheduled to begin in Spring 2014 and conclude in early 2016.
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