New Wood Partners Transit-Oriented Community Breaks Ground in San Mateo
By Alex Girda, Associate Editor
The Bay Area is set to see even more apartments hit the market in the near future as developer Wood Partners recently broke ground on a new community in San Mateo. The company is reportedly investing a total of $43.7 million in its new apartment project, one that will be focused on improving the current transit-oriented residential stock for the area between San Jose and San Francisco.
With the number of jobs in the tech sector being in constant growth, demand for housing in the San Francisco Bay Area is also rising, and Wood Partners is looking to seize the opportunity.
Set to take shape on a 2.4-acre site at 2090 S. Delaware St., the 111-unit apartment community has begun construction with a spring 2014 deadline in sight. The complex will be located in the immediate proximity of the Caltrain Rail Line, thus providing potential renters with easy access to large job centers to the north and south. Post-completion, the project will generate five management jobs and approximately $395,000 in annual tax revenue.
The project will consist of two three-story residential buildings and will offer residents an amenity package that will include a fitness center with yoga, common lounge and club room, as well as expansive amenity decks. Units will feature floorplans of one-, two- and three-bedrooms and will have an average size of 970 square feet. In-unit features include hardwood floors, stainless steel appliances and solid surface countertops.
Located in San Mateo, the community will be in the vicinity of major companies that employ large numbers of people in the area such as Oracle, Visa, Sony, Franklin Templeton Investments, Salesforce and Gilead Sciences. Shopping spots in the area are easily accessible in downtown San Mateo and the Hillsdale Shopping Center.
Image courtesy of Google Maps
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