News
Lunching and Launching
October 5, 2011
| Some things better with age. We're talking Foster City’s old Pilgrim/ Triton neighborhood, where vertical construction has launched for a major mixed-use development, The Plaza in Foster City. |
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| It will consist of 307 residential units plus 17k SF of ground-floor commercial, a 630-space parking garage, and the first half of a newpark/plaza. Sares-Regis Group of Northern California’s Jeff Smith, at a luncheon ceremony for the project, tells us The Plaza is Foster City’s first new major apartment community in almost a decade. The company demolished some old light industrial buildings to make way for the LEED Silver, market-rate luxury project, where 20% of the units will be affordable. It will feature three courtyards, including a pool, outdoor kitchen, and Zen garden (perfect for meditating on whether Kyle Arrington really did deserve a pass interference penalty against the Raiders last Sunday). |
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| The Plaza is the first phase of the 21-acre Pilgrim/Triton master plan, approved by the City of Foster City in 2008-—four phases to be developed with up to 730 residential units and almost 300k SF ofcommercial space, surrounding a new 1.25-acre park. SRGNC serves as development manager of both the P/T master plan and The Plaza. The planning process was a challenge (recent economic woes, you know), but the company’s recommendation to the four property owners involved was that this is the best time to entitle such a project. Despite the great risk in being the first to make such an investment coming out of a downturn, The Plaza’s property owner (Northwestern Mutual) agreed. |
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| Jeff with Meris Ota, Marci Hemenez, and Rob Parker. He tells us SRGNC has nearly 1,500 units in various states of development in the Bay Area. In Redwood City, the company has received planning commission approval on a proposed project at 333 Main St—the 132-unit luxury complex could break ground by year-end. Despite his busy schedule, Jeff makes time every summer to take his wife and two boys (3 years and 6 months) up to their lakeside cabin in McCall, Idaho. |
