Lowe, a private real estate company, closed on an off-market transaction with Regency Centers Corporation to acquire its portion of the Sequoia Station Shopping Center in downtown Redwood City, the company announced Thursday.
Lowe is in the process of seeking entitlements to redevelop the site into a mixed-use development as part of Redwood City’s proposed Transit District. The Regency portion of the property includes 103,000 square feet of retail on 6.65 acres. The shopping center is anchored by Safeway and CVS, and is adjacent to downtown and the highly trafficked Redwood City Caltrain Station. Safeway will retain its current ownership within the shopping center and both Safeway and CVS will remain open and operational as the phased project is constructed, according to Lowe.
Caltrain’s 2040 Service Vision Plan identified the Redwood City Caltrain station as the ideal location for a mid-Peninsula transfer hub due to its high ridership, density and potential connection to the Dumbarton rail line. As part of the redevelopment, Lowe will dedicate approximately 1 acre of right-of-way for Caltrain to build a new train station and expand from two to four tracks. This change will also allow Redwood City to implement grade separations and safely connect the city’s downtown core to its western neighborhoods, according to Lowe.
The development is set to include 631 apartments, including 254 affordable units, as well as a child care center of about 10,000 square feet and public open space with a central plaza.
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