San Francisco-based Related California received approval to develop a 381-unit project in San Ramon, according to public records.
The project will be built on 5.5 acres of undeveloped land at 6131 Bollinger Canyon Road and will be 466,340 square feet of residential property. It will stand 85 feet high and have 266,652 square feet of parking with 663 available spaces. Some of the 24,740 square feet of amenities will include a pool deck on the seventh floor, fitness room, lounge area and work spaces.
The apartment building will cover an entire block of the city, Lauren Barr, city planner, said in a public meeting.
The project is required to provide 15 percent of the total unit count for low and very low income households, according to plans. The building will be adjacent to Belmont Village, a 177-unit building of senior housing.
The building is part of the CityWalk Bishop Ranch master plan which will bring 4,500 residential units to the three-block radius known as the Bishop Ranch District over the next 25 years. In addition to the residential space, the district will include a 169-room hotel, 170,000 square feet of retail space and a new office parking structure.
Related California is the California arm of New York-based developer Related Companies.
According to a second quarter report by Kidder Mathews, the multifamily market saw positive trends across the board compared to the previous quarter. Plans for new construction were up 36 percent and units under construction were up 7 percent. The vacancy rate fell slightly from 5.1 percent to 4.8 percent and asking rents increased to $2,524 from $2,458.
There have been moves by developers in recent months to build units to meet the East Bay demand. Idaho-based Pacific West Communities was given the green light in June to build a 384-unit housing complex in Bay Point by the Contra Costa Board of Supervisors. Houston based-Goel Hayward MF is moving forward with his plans to convert old medical offices in Hayward into 314 apartment units.
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Developer gets green light for 384-unit mixed-use complex in Bay Point