The City of Redwood City hopes the modern new apartment community currently being constructed downtown will help achieve the City's goal of downtown becoming a new "higher-density, pedestrian-centric" one that will help attract more young, creative people to Redwood City.
"201 Marshall" is a 116-unit, seven-story, multi-family community being built next to the Caltrain station in the heart of Redwood City's rapidly-expanding downtown.
Raintree Partners is the real estate investment and development company building 201 Marshall. The firm is based in Laguna Niguel, Calif.
201 Marshall is the first large project approved under Redwood City’s Downtown Precise Plan. The Downtown Precise Plan has a stated goal "to restore downtown as the indispensable hub of the City, with a mix of diverse services, conveniences, experiences and lifestyle choices." The plan was designed "to create a true downtown, including ample public transportation, housing, retail and office space."
In a statement issued recently, Jeff Allen, CEO of Raintree Partners, said this development will add to Raintree’s existing portfolio of 16 multi-family communities in California, consisting of more than 2,400 units.
"Redwood City is the perfect location for a new development, as the downtown area is undergoing a serious transformation into a vibrant, mixed-use environment," Allen explained.
"The city’s proximity to San Francisco and San Jose makes it a desirable location for young professionals who are commuting to these markets for employment, as well as for those wishing to live in an area with shopping, night life, transportation, and expanding employment opportunities, all within walking distance," Allen added.
Jason Check, Raintree’s director of development, noted, “When we decided to build this project, one of the first things we did was to contact Zipcar, a car sharing company, to encourage the company to expand into Redwood City, which it did earlier this year across the street from our property."
"Our residents will now be able to walk to Zipcars, to Caltrain, and to employment, groceries, shopping, restaurants and night life," Check explained.
According to Check, Redwood City’s Downtown Precise Plan enabled Raintree Partners to quickly entitle the site.
"We were able to complete our entitlement effort with the City and start construction in little more than one year," Check added.
"The Downtown Precise Plan is a very innovative plan, and one that should serve as a model to other cities seeking to create community-supported change at a more rapid pace when the market supports new development," explained Check.
Raintree Partners acquired the property at 201 Marshall Street directly from the seller in February of 2012 in an off-market transaction after it had completed the entitlement for the project.
Construction is now underway on the apartment community, which is scheduled to open in the spring of 2014.
201 Marshall will contain studios, and one- and two-bedroom floor plans. The community was designed by TCA Architects, and will feature a modern design with open-concept units, as well as loft-style units, Raintree said.
The community will also feature upscale finishes, a bike repair workshop and bike lockers, a telecommuting center, outdoor communal dining, and an expansive roof deck with an indoor/outdoor lounge area.
Raintree currently has three other Bay Area projects in development, and is actively pursuing additional development opportunities in California.
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