A four-story building developed by Sares Regis Group of Northern California is leasing up quickly, attracting a variety of residents to the Peninsula. Township Apartments, located at 333 Main Street, has 40 percent of its 132 units leased within a mere two and a half months. Many of the residents work in technology and most are young and single people moving out of single-family homes. The building is leasing units ranging from one to three bedrooms at a montly rate of $2,650-$3,800. It is within close proximity of downtown Redwood City as well as other housing development sites. "Township Apartments is the first building bringing new residents to downtown," says Sares Regis Vice President Jeff Smith. City officials have spent years devising a plan to make downtown Redwood City more walkable and urban, and Sares Regis is the first developer to complete new housing that conforms with this plan. There has been a lot of progress in establishing retail and entertainment with restaurants, bars and theaters to draw crowds downtown. "The next piece of the puzzle is housing," Smith said.
Township Apartments marks the beginning of a wave of new apartments coming soon to the Peninsula. For the first time in a decade or so, there is an apartment boom in the Peninsula. There are approximately 1,700 units under construction in the Peninsula. Smith believes that the reason for this trend is because "people do want options where they work on the Peninsula and Silicon Valley. They don't want to spend an hour on a bus commuting from San Francisco." Cities are actively building complexes in order to revitalize their downtown areas and also alleviate demand for housing.
Sares Regis's recent portfolio includes last year's completion of The Plaza, a 307-unit community in Foster City, and also the rapid leasing of 888 Apartments in San Mateo. Approximately 1,000 units are scheduled to be constructed in Redwood City. “Because of the fact that there was so little multifamily built for over a decade on the Peninsula, there’s just so much catch up to do,” Smith said. “All the new buildings will add to the housing stock. Now you have another option for people who don’t want a single family home.” With the massive influx of new residents, Redwood City locals can look forward to seeing a busier and more thriving downtown in the near future.
To read the full story by Blanca Torres in the SF Business Times, click here: http://www.bizjournals.com/sanfrancisco/blog/real-estate/2014/03/sares-regis-redwood-city-downtown-apartments.html?ana=e_bay_real&s=newsletter&ed=2014-03-18
Township Apartments marks the beginning of a wave of new apartments coming soon to the Peninsula. For the first time in a decade or so, there is an apartment boom in the Peninsula. There are approximately 1,700 units under construction in the Peninsula. Smith believes that the reason for this trend is because "people do want options where they work on the Peninsula and Silicon Valley. They don't want to spend an hour on a bus commuting from San Francisco." Cities are actively building complexes in order to revitalize their downtown areas and also alleviate demand for housing.
Sares Regis's recent portfolio includes last year's completion of The Plaza, a 307-unit community in Foster City, and also the rapid leasing of 888 Apartments in San Mateo. Approximately 1,000 units are scheduled to be constructed in Redwood City. “Because of the fact that there was so little multifamily built for over a decade on the Peninsula, there’s just so much catch up to do,” Smith said. “All the new buildings will add to the housing stock. Now you have another option for people who don’t want a single family home.” With the massive influx of new residents, Redwood City locals can look forward to seeing a busier and more thriving downtown in the near future.
To read the full story by Blanca Torres in the SF Business Times, click here: http://www.bizjournals.com/sanfrancisco/blog/real-estate/2014/03/sares-regis-redwood-city-downtown-apartments.html?ana=e_bay_real&s=newsletter&ed=2014-03-18
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