DEVELOPER PROPOSING $300 MILLION MILLBRAE BART PROJECT SWEETENS DEAL ON EVE OF BIG VOTE
Source: San Francisco Business Times
A proposal to reinvent 116 acres around the Millbrae BART-Caltrain station into a high-density transit village is up for approval next week.
Millbrae’s station-area plan contemplates zoning for 1,440 homes, 300 hotel rooms, 150,000 square feet of retail space and 1.6 million square feet of offices and “light industrial” space.
One development project waiting for the station plan’s approval is Republic Urban Properties LLC’s $300 million mixed-use project.
The San Jose developer has gained a preliminary nod to transform a nine-acre surface parking lot immediately east of the train station and owned by Bay Area Rapid Transit. Republic proposes 200,000 square feet of offices, 386 apartments, a 110-room hotel and as much as 50,000 square feet of retail space.
But its project can’t move ahead without the station area plan in place.
Now, on the eve of the plan vote, Republic Urban is sweetening its proposal by offering to set aside 65 apartments as affordable with an emphasis on providing housing for military veterans.
Even with the station-area plan in place, the project needs additional entitlements, Millbrae city staff said.
“Our goal is to be under construction some time in 2016,” said Michael Van Every, president and managing partner of Republic Urban Properties.