A 40k SF parcel in downtown Redwood City, long held by owner JP Morgan Chase, is for sale, though how it might be redeveloped is up for discussion.

The city’s 2011 development plan originally called for 500k SF set aside for office space. Developer demand quickly met that target, while the booming office market has put pressure on residential prices, according to the San Francisco Business Times.

A residential project would need the right mix of market-rate and affordable units, with city council set to consider expanding affordable housing requirements at its April 11 meeting. There also are possibilities for a hotel or retail on the site.

Housing is a hot topic in Redwood City, where Jay Paul's proposal for an office complex has run into some headwinds as some residents have opposed the construction of more office space. [SFBT]