Rendering of 220 Park Street. Courtesy of Sares Regis Group of Northern
California and Dostart Improvement
A three way partnership between Dostart Improvement Co. and Sares Regis Group of Northern California has unveiled the ultimate phases of 220 Park, Join CRE first reported. The 184,000-square-foot, Class A workplace and retail growth is underway in downtown Burlingame, Calif., and entails the mixing of a historic property.
The builders broke floor on the mission in 2021. In keeping with CommercialEdge, Newmark organized $181.9 million in development financing on behalf of the possession, originated by AustralianSuper. The mortgage is about to mature in 2024.
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The event is about turn into the tallest construction within the metropolis. The mission is slated for completion by the top of 2023, with the outside and web site enhancements concluding in early 2024, in response to Sares Regis.
A Bay Space mixed-use: Delving into the main points
Building plans contain integrating the restored historic Submit Workplace constructing 1.3-acre vacant web site into the upcoming 220 Park six-story constructing. The design may even embody an adjoining 11,000-square-foot outside amenity area. Builders will protect the entrance exterior of the put up workplace whereas including new development behind it, together with a two-level, 275-spot underground parking storage.
The decrease degree, incorporating a piece of the present put up workplace, will include 17,000 sq. ft of retail and eating areas. The workplace part will function terraces on every degree, together with patios situated on the third and sixth flooring.
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The property is about to emerge at 220 Park Street, carefully intertwined with Burlingame’s forthcoming City Sq., a 28,000-square-foot public gathering area. The mission goals to attain LEED Gold and Fitwell certifications, a combo aiming for each environmental sustainability and well-being.
In keeping with Sares Regis, the partnership enterprise the event will contribute $2 million to the town for the event of City Sq.. Moreover, it can allocate an additional $3.5 million in numerous charges to help the development of reasonably priced housing in Burlingame.
Bay Space workplace market has 5.3 MSF below development
As of April, the newest CommercialEdge report revealed that there have been 118.2 million sq. ft of workplace area below development throughout the nation, which accounted for about 1.8 p.c of the whole inventory.
The overwhelming majority of upcoming provide consists of Class A and A+ properties, totaling 109.9 million sq. ft. Moreover, there have been greater than 300 million sq. ft of workplace area within the planning phases. The identical supply reveals that the Bay Space market contributed 5.3 million sq. ft to the general below development pipeline.
Earlier this month, Sares Regis, in partnership with Hunter Storm, topped out one other California mission. The builders are bringing on-line three buildings inside Cityline, an upcoming mixed-use growth in downtown Sunnyvale.
