A recently approved 8.3-acre mixed-use development proposed at the edge of Redwood City’s downtown was recently acquired by IQHQ, a real estate and development firm that aims to transform the site into a life science hub.
“I look at this as a very positive development that has happened,” Mayor Diane Howard said. “Anywhere they have settled — Boston, San Diego and now South San Francisco — they’ve developed a quality life science campus and they have also invested in the community.
The development, now referred to as Elco Yards, will span five blocks between El Camino Real and Maple, Cedar and Main streets with an additional property at Jefferson Avenue and El Camino Real. Six structures with office, retail and residential spaces make up the project.
Despite the change in ownership, Howard said key project benefits will remain the same while the office space is fitted for life science uses. Doing so will help meet “the unmet demand for premier lab space in the Bay Area,” company CEO Steve Rosetta said in a press release.
“Elco Yards represents an iconic project in a thriving life science market with a proven track record of attracting top companies and diverse talent,” Rosetta said.
Critics of the project have argued that the office space, regardless of type, is unnecessary given the increase in remote work during the pandemic. Others have also argued it would only exacerbate an existing housing crisis.
But housing advocates lauded the project for its inclusion of 540 new homes including 147 affordable housing units. The homes will be built through a partnership with the original developer, Greystar, according to the IQHQ press release which referred to the company as a “premier residential development partner.”
The additional property at Jefferson Avenue will be operated in partnership with the nonprofit HIP Housing, an agreement made before IQHQ acquired the site.
All other agreed-upon amenities, including a public entertainment space, child care center, and a rebuild of the old Perry’s Fuel and Feed Shed will also remain part of the project conditions of approval, Howard said.
Howard worked to calm community concerns by sharing her own support for the company that she said has been an asset to other cities including South San Francisco.
“I’m very impressed with the kind of company they are and what their values are,” Howard said. “I think they’re going to be a wonderful addition to Redwood City.”
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