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Redwood City is about to get another housing development. The Redwood City Council approved a 350-unit complex from Greystar in early April, the Silicon Valley Business Journal reports. The eight-story building will include 35 affordable units, 2,900 SF of ground-floor retail, 441 parking spots and 89 bike parking spaces.
The new development at 1409 El Camino will add to Greystar’s growing Redwood City portfolio, which includes 1,000 built or approved units. Many of these projects have been fast-tracked because they fall within the city’s Downtown Precise Plan. Greystar has two projects under construction, at 103 Wilson St. and 1305 El Camino Real, for a total of 312 units. It has already built 305 units at its development at 299 Franklin St.
The 183-acre Downtown Precise Plan allows for a 20-year planning period to develop up to 2,500 residential units with 15%, or 375 units, dedicated as affordable. The plan also allows for up to 500K of SF office space, 100K SF of retail and up to 200 hotel rooms.
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