Retail-resi conversion site in Redwood City lists for $34M

Locally-based LMT Home Corporation has listed the site of a retail-to-residential conversion in Redwood City, according to a marketing brochure from Compass. LMT is asking for $34 million.

The site located at 110-150 Charter Street currently has a supermarket and parking lot and is across the street from the Woodside Central Shopping Center which has Target and Marshalls as its anchor tenants. LMT’s approved residential conversion plans is a four-story 72-unit residential building with seven 2-bedroom single-level units and 65 3-bedrooms, with three level units and a total area of 113,199 square feet. 

The project includes 146 parking spaces for the residential units, 18 guest parking spaces and 38 bicycle spaces all of which are located on the ground floor within a shared podium parking structure underneath the residential units. There will be residential courtyards intended to provide areas of open space and recreation for the residents, according to documents filed with the city. 

Redwood City has a number of residential projects in the pipeline. Palo Alto-based Sand Hill Property Co. is building a 167,000-square-foot project at the El Paseo de Saratoga at 1312 El Paseo De Saratoga and 1777 Saratoga Avenue. The development aims to bring nearly 1,000 new apartments to Redwood City, of which 150 would be affordable.

Houston-based Hines is planning a 300,000-square-foot mixed-use development at the site of the former PG&E campus in Redwood City. The plan is to build a four-story office building and four-story 100 percent below-market-rate housing development at 1125 Arguello Street.

There are multiple large development opportunities on the market in the South Bay. Z&L Properties, a China-based developer whose CEO was arrested in London in connection with a San Francisco corruption case, is selling the former Greyhound bus property at 70 South Almaden Avenue, which was to be replaced by twin 20-story towers with 708 units.

Also, a 63-acre property in San Jose, which has environmental and zoning approvals for more than 3,400 new homes and 3 million square feet of offices, is on the market for about $300 million.