REDWOOD CITY — More than 400 residences could replace a big shopping center in Redwood City, city documents show, fresh evidence that more retail complexes are giving way to new housing projects.
The project could sprout on the site of Veterans Square, a Redwood City retail center at 1205 Veterans Blvd. that totals 107,000 square feet, according to a proposal filed with city officials.
A proposed 479 residential units would be built on a site that’s bounded by Hansen Way, Veterans Boulevard, Maple Street and an access alley behind the center, the filing shows.
Of the 479 apartments, 70 would be affordable homes and 409 would be market-rate units.
The affordable homes consist of 48 apartments for people with very low incomes and another 22 for people of moderate incomes, according to the proposal.
The project also envisions 5,600 square feet of ground-floor retail and a daycare center that would total 5,300 square feet.
The development would consist of two buildings. Each structure would be six stories.
Raintree Partners, a real estate firm, is the developer of the proposed housing on Veterans Boulevard.
In 2014, Raintree developed a 116-unit residential complex in Redwood City at 201 Marshall St., which is a short distance from the Veterans Square site.
Among the amenities being eyed at the 479-unit complex on Veterans Boulevard are a roof deck, pool, fitness center, lobby patios and a dog run.
The existing Veterans Square shopping center was constructed in 1975, according to a LoopNet commercial property listing. WP Investments, a Woodside-based real estate firm, currently owns the property.
The shopping center’s tenants include Hoot Judkins Furniture, a Party City store and Tuesday Morning, a home goods store.
In-person shopping at traditional retail centers such as Veterans Square is still hounded by uncertainty and inconsistent results in the wake of the coronavirus and the business lockdowns to combat the spread of the deadly bug.
As a result, commercial property owners and developers have begun to scout for alternative uses for their retail properties. These options often include housing development, which is in relatively short supply in the Bay Area.
Source: www.mercurynews.com