Developer Lane Partners plans to redevelop a Redwood City Wells Fargo branch into a mixed-use project with housing, office and retail under one roof.
Principal Mark Murray said his firm is “in contract to acquire” the property at 1900 Broadway and offered new details about his vision for it during a City Council meeting Monday.
The proposal, which has not yet been formally submitted to the city, will include 10,000 square feet of Class A retail space at the corner of Broadway and Main Street and 35% of the housing units would be affordable, Murray said. The city’s inclusionary zoning ordinance requires 20% of the units to be affordable in buildings with 20 or more units.
“[Thirty-five percent] I believe would be the highest rate at least in the downtown zone of what I’m aware of that’s been proposed,” he said, adding that retail, office and housing all in one building would also be a first for the city.
Murray did not say how many housing units would be proposed nor did he offer any details about the office component of the development. He couldn’t be reached for comment after the meeting.
Murray said the project would also downsize the Wells Fargo branch from its current 50,000 square feet to about 5,000 square feet and relocate it to 2075 Broadway, home of Chan Zuckerberg Initiative’s new headquarters, which is also a Lane Partners project.
The Wells Fargo building dominates a roughly 75,000-square-foot block, Murray noted, and is about a half mile from the city’s Caltrain station.
Murray said the development proposal is supported by the Chamber of Commerce and nine of the 12 members of the retail task force, a group of stakeholders that was organized to develop recommendations about how to enhance the city’s retail offerings. Those recommendations shaped a Retail Action Plan, which the City Council discussed and adopted during the Monday meeting.
The plan specifically recommends limiting banks on “key corners” downtown and it also recommends design standards for retail spaces so that they meet the needs of future tenants. Murray said his firm is amenable to at least some of those recommendations, including prohibiting banks on the site in perpetuity, and looks forward to working with city officials to design the retail component of the project.
He also said the project would offer public parking during the day and “significantly reduced rents to the right tenant mix we think is going to be great for the community.”
“What we’re proposing we think advances many of the goals stated in the retail action plan: bringing more housing to the downtown to support retail, bringing more affordable housing to the downtown, bringing new ideal retail at the right location and with the right design and expanding the footprint of retail in the downtown,” Murray said.
(650) 344-5200 ext. 102