Thursday
August
21
2014
1:14 am
Weather

  Home
  Local News
  State / National / World
  Sports
  Opinion / Letters
  Business
  Arts / Entertainment
  Lifestyle
  Obituaries
  Calendar
  Submit Event
  Comics / Games
  Classifieds
  DJ Designers
  Archives
  Advertise With Us
  About Us
 
 
 
 

Check out our archive of Dining Guides - Yum!

Depot Circle could mean thousands a year for city
July 22, 2013, 05:00 AM By Michelle Durand Daily Journal

Once complete, the Block 2 office development in downtown Redwood City is estimated to deliver about $350,000 annually to the general fund and another $10,000 yearly to the parking fund.

The figures are based on the current estimated value of $150 million although the expected property tax revenue could drop if the project is eventually assessed at a lower amount. The city will also gain other revenues from business license, utility users’ and sales taxes but actual amounts are hard to pencil out without knowing yet what will occupy the space.

The area in question is also known as Block 2, which is bordered by Jefferson Avenue, Middlefield Road and the Caltrain tracks.

The current offering price of $17 million for the land from the city to developer Hunter-Storm might also change because soil samples taken of the site have tested positive from contaminates ranging from hydrocarbons to dry cleaning solvents. The development agreement up for consideration by the City Council Monday night calls for the city to leave $3 million in escrow for its share of the potential clean up and disposal costs.

On Monday, the City Council will also consider approving amendments to its downtown precise plan to accommodate the project and the necessary permits for the development which will include 302,000 square feet of office space and 5,075 square feet of restaurant space.

Earlier this month, the Planning Commission recommended the City Council approve three amendments to the city’s downtown precise plan which includes removing the rounded parcel that formerly created “Depot Circle” and squaring off the corner of Winslow and Hamilton streets to create more traditionally shaped parcels and a 6,000-square-foot “Depot Plaza.” The other changes are removing the Theatre Way extension and the some minor revisions to increase design flexibility.

The current project proposal calls for a ground floor of small office suites, lobbies and restaurant space. A 904-parking stall garage would include four above-ground levels with access from the intersection of Middlefield Road and Winslow Street. The rates cannot be more than 125 percent than that of the Jefferson Garage. As part of the development agreement, Hunter-Storm has agreed to provide 290 public spaces for nights and weekends and give the city $50,000 toward its smartphone parking application which tracks real-time availability for motorists.

Construction is anticipated to begin in September and Hunter-Storm has 36 months from the start to complete all the work. If the developer defaults on the agreement, Redwood City has the right to reacquire the land.

The Redwood City Council meets 7 p.m. Monday, June 22 at City Hall, 1017 Middlefield Road, Redwood City.

 

 

Tags: which, council, development, redwood, space, million,


Other stories from today:

 

 
Print this Page Print this Page  |  Bookmark and Share
<< Back
 
Return To Archives
 
  


 
 
 
Daily Journal Quick Poll
 
Is it fair for the state to fine water wasters when broken and leaky pipes are losing billions of gallons?

Yes. Those are two different problems.
No. The state needs to gets its infrastructure in order first.
Yes but the pipes need fixing, too.
Would you expect anything else from government?

 

 
 
 
 
 
 
Bank of America reaches $17B settlement with U.S.
WASHINGTON — Bank of America has reached a record $17 billion settlement to resolve an investigati..
Obama: U.S. won’t stop confronting Islamic State
WASHINGTON — The United States stood firm Wednesday in its fight against Islamic State militants w..
South San Francisco to be fogged for West Nile Thursday night
Mosquitoes infected with West Nile virus have spread to South San Francisco and prompted San Mateo ..
More >>  
 
 
  
 
  
 
©2014 San Mateo Daily Journal
San Mateo County obituaries