Belmont sees huge office building proposal

The maximum height for most buildings in the city ranges from 55 feet to 65 feet, and proposed plans call for an approximately 130-foot and 145-foot development, more than doubling the current limit. Community Development Director Carlos de Melo said the city is working through possible rezoning efforts, which may expand such limits, or the developer could also pursue zoning changes as well. 

“We want to continue to have this project advance,” de Melo said. “And there is an opportunity for them to go outside that process of addressing height in creating a rezoning, so that’s what’s under consideration. They would create their own custom zoning that addresses things like parking requirements, height requirements and other development standards.”

Planning Commissioner Joanne Adamkewicz said even though the height is initially startling, the area is the “right place” for such a development. 

The plans come in the midst of a downtrodden commercial real estate market, which has seen high vacancy rates and slowed leasing activity over the past year. A recent report showed the county saw a roughly 4% year-over-year increase in office vacancy rates in San Mateo County, although they dipped slightly from the end of last year, and layoffs have continued to impact the area’s office market. 

But Four Corners Properties Principal Rich Ying said even though they are unsure about who will lease the space, he feels more optimistic about market conditions in the near future and the building be fitted for biotech use as well. 

“There’s definitely been some stabilization of interest rates, and we’ve started to see some increased transaction volume both on sales and also leasing,” Ying said. “To be perfectly honest, that’s why we want the optionality to do office or if, down the road, we need to do life science, then we can pivot at that point.”

While the Shoreway Road project would be the largest building currently in place, two other similarly-sized biotech developments currently sit in the pipeline. A 380,000-square-foot project on Harbor Boulevard has been approved, and another on Island Parkway campus will contain three buildings, ranging from nine to 13 stories.

Other than minor revisions, planning commissioners noted general approval of the project.