Canyon Finances Palo Alto LEED-Certified Mixed-Use Project
- Jan 22, 2014
Palo Alto, Calif. — Canyon Capital Realty Advisors has provided a loan for the construction of The College Terrace Centre by College Terrace Centre LLC. The 66,000-square-foot, LEED-certified, mixed-use transit-oriented development will be constructed near Stanford University in Palo Alto, Calif.
Set on 1.4 acres fronted by El Camino Real in Palo Alto, College Terrace will be a two- and three-story Class A steel-framed development with 218 sub-grade parking spaces, located one block from the Stanford University campus and Stanford Research Park. When complete, it will feature a neighborhood grocery store, an open-air market area and retail shops and office space.
The residential component will be comprised of a freestanding, eight-unit building with ample on-site parking. The apartments will be below market rate.
“Canyon provided the loan because of the prime location of the land, and its unique zoning,” Marti Page, director at Canyon, tells MHN. “It’s one of the few sites in Palo Alto along El Camino that is not owned by Stanford University. And the fact it is a full city block positions it well for a strong mixed-use development.”
The project is being developed by Twenty-One Hundred Ventures, LLC (TOHV), which is a Redwood City, Calif.-based development team. Major players in the development effort include Santa Clara, Calif.-based Blach Construction and Carrasco & Associates, an experienced architect with an extensive roster of Palo Alto projects. Construction is scheduled to commence in spring of this year, with an expected completion date in August, 2015.
“College Terrace presents a unique opportunity for Canyon Realty to invest in one of the most coveted addresses in the Bay Area,” Page says. “The development’s proximity to Stanford University and the Stanford Research Park provides a dynamic environment for prospective retailers and office users.”
Adds Shawn-Patrick Smailey, principal at TOHV: “We are pleased to be working with an experienced lender like Canyon Realty, and are very excited about the retail and commercial opportunities that the completion of College Terrace will bring to the area. We have a strong team in place to develop College Terrace into an integral part of the flourishing Palo Alto community.”
Immediately south of College Terrace is Stanford Research Park, and immediately north is Stanford University and Medical Center. That makes the location convenient for university students and professionals in the surrounding area. Possessing a top-rank standing internationally, Stanford Research Park is one of the world’s largest and best-known research parks. Approximately 23,000 employees work for 140 different companies in its 162 buildings. The already sprawling medical campus is witnessing a $3 to $5 billion expansion project.
“The College Terrace Centre will bring a best-in-class development to both the city and neighbors,” Smailey says.
“The goal of this development is to produce a benchmark project through innovative design, environmentally-friendly operations and top-quality construction . . . LEED certification, geographic proximity and lack of comparable facilities make this project the preeminent Class A facility in the area.”