The Chase bank property on Broadway in Redwood City has come up for sale as downtown has reached its cap for new offices, meaning a developer will have to dream up other uses for the property to make a profit.
Colliers has listed the property at 2300 Broadway for sale, announcing that the bank is one of the last key development sites in the downtown core. Speculation is that it will sell for upward of $35 million as it sits just steps from the historic courthouse and Fox Theatre in a revitalized downtown.
“2300 Broadway benefits from its central location in the city’s entertainment district. This area is intended to be the focus of entertainment and major retail activity and the most intense street life and uses in this zone are intended to support that goal,” Colliers writes about the property in a brochure.
Chase has a condition to sell, however, that the developer house the bank temporarily and then allow it to be housed in the new development. If Chase does not move into the new building for some reason, then it will request that the developer does not lease space to another bank.
While the space for offices has reached its cap, there is still more housing, hotels and retail opportunities downtown under the Precise Plan.
“A hotel, retail, housing or some combination of the three could work,” Vice Mayor Ian Bain said. “There is probably enough demand for a really nice hotel.”
Whoever buys it, however, should expect “lots of public input,” Bain said.
The developer will have to understand what fits in the area related to scale and architecture, he said.
It should fit in with Courthouse Square, he said.
“It shouldn’t be overwhelming but rather fit in with the historic character of the area,” Bain said.
The Chase bank sits on a 39,509-square-foot parcel. Chase is looking, however, to put a branch in the new development no more than 6,000 square feet with parking for 25 vehicles.
The site is near the Sequoia Caltrain station and within walking distance to the new Box headquarters across from City Hall.
The Precise Plan, adopted in 2011, allows for about 500,000 square feet of new office space but developers have essentially reached that cap. There is still the opportunity to build about 575 housing units under the plan, however.
(650) 344-5200 ext. 102