Belmont supportive of delay for life science project

The approvals come in the midst of a downtrodden commercial real estate market, which has seen high vacancy rates and slowed leasing activity over the past couple years, especially for life science buildings. The city has seen some withdrawals or pauses of similar development proposals, and over the last several months, South San Francisco approved two 10-year development agreements with separate projects, one at 800 Dubuque Ave. and another at 180 El Camino Real. 

The 1301 Shoreway agreement would allow for a 10-year entitlement — a seven-year term with three one-year extended terms allowed —- which is longer than typical one- to three-year entitlement periods, to allow market conditions to gradually approve.

As part of the agreement, Four Corners Development Properties would make “reasonable good faith efforts to achieve at least 30% local hire goals,” among other labor provisions. 

“I think this development agreement is outstanding,” Vice Mayor Robin Pang-Maganaris said. “But [30% local hire] doesn’t feel strong enough. Local hire is good for Belmont. Local hire is good for San Mateo County … I love the idea of before permits being issued, that developers actually sit down and a real dialogue is had.”

The project would also include a public parking garage, improvements along Belmont Creek and a renovated basketball court. The proposed community benefit package includes a $6.3 million contribution to the city, provided at the time of building permit issuance and will prepay its additional share of the contribution if it extends the agreement beyond the seventh year.

The City Council unanimously supported the agreement, with another hearing scheduled for early next year.