Bioscience boost slow going

“There definitely has been a slowdown in the [biotechnology] sector, unfortunately. We’ve had five projects that were in our queue. We are down to two that are actively moving forward,” Community Development Director Carlos de Melo said. “Companies are consolidating. They’re shrinking, and now is not a spectacular time to bring new product online.”

So far this year, San Mateo County has seen about 480 announced layoffs in the life science industry — including from firms like Gilead and Bristol Myers Squibb — and while it’s certainly shown improvement since widespread layoffs in 2023 and 2024, real estate development is not as quick to bounce back. 

One of the larger proposals, a seven- to eight-story project located at 1301 Shoreway Road, is expected to continue moving forward, as well as the seven-story, 800,000-square-foot Beam Reach project in the Harbor Industrial Area, currently situated in unincorporated San Mateo County. 

But the Beam Reach proposal depends on the execution of the Harbor Industrial Plan, a multi-year plan for Belmont to ultimately annex the HIA from the county and redevelop it — hopefully by 2026. The area currently consists of industrial businesses and a mobile home park — which will stay put per current plans — but the city hopes to add significant commercial development to the area over time. 

“We are forecasting the market to not be lucrative for these projects to move forward for at least another three to five years out, so think end of the decade as to when these projects will ultimately go forward with their construction permitting, entitlements and construction,” de Melo said. “We are good actors when it comes to creating housing … but we’re lacking in the commercial and the jobs sector.”

Despite the commercial slowdown, the city is seeing more success in its residential development. It has achieved about 11% of the state-mandated housing goals it needs to achieve by 2031, a higher figure than several other Peninsula cities. As part of the Regional Housing Needs Allocation process, the state requires the city to issue at least 1,785 building permits between 2023-31. Last year, the city completed 442 housing units, 65 of them for low-income households. 

More than 200 apartment units have been approved but not yet constructed, including ROEM on Belmont Avenue, a 100% affordable housing development that will have 125 units, as well as Harborline, which will comprise 103 units.