Foster City Economic Digest
The Latest Economic News in and about Foster City
October 24, 2013
Commercial / Retail Assessment
Property owners, commercial brokers, business owners, and the public are invited to attend the City Council meeting on November 4, 2013 where BAE Urban Economics (“BAE”) will present its findings to the City Council on an assessment of the commercial / retail market in Foster City. BAE is an urban economics and public-benefit real estate development consulting firm engaged to conduct an independent study to analyze demographics along with sales data and trends, analyze sales “leakage” (sales lost to other communities), evaluate the existing retail centers and clusters in Foster City, and identify implications for Foster City in planning and implementing its economic development strategies.
Better understanding the market dynamics, opportunities and challenges within the retail and commercial sector of our community is critical to the economic vitality and future planning of our City. What opportunities does Foster City have to develop a more thriving retail environment? What are the strengths and weaknesses of the Foster City commercial / retail market? What are the most opportunistic business sectors for Foster City? How much commercial / retail space does Foster City need to accommodate these opportunities? What is the assessment of the proposed approximately 30,000 square feet commercial / retail center as part of the 15-acre site development project? Attend the meeting to learn more.
Sustainable Foster City Plan Moves Forward Sustainable Foster City Plan, a keen focus is being placed on the assessment of retail and commercial needs in the community. The City and Chamber of Commerce staff will be coordinating efforts to identify opportunities to provide the right mix of retail and commercial business offerings that support Foster City residents and prospective employees. This is one of five priority tasks in moving our sustainable economic development strategies forward. The five tasks are:
As the City implements the priority tasks included in the
- Assessment of retail strengths and weaknesses
- Business promotion, support and advocacy
- Create a Foster City Identity/Quality of Life Campaign
- Implement a Clean Energy Initiative
- Create a Foster City Economic Development Dashboard
Development Continues in Foster City
Foster City continues to see thriving economic development activities in the community. Here is an update on those properties being developed or redeveloped:
- 15-Acre Site - The New Home Company, LLC and its partners have worked with City staff to negotiate the various land entitlements necessary to purchase the land from the City and construct 200 for-sale dwellings, 138 assisted and independent living units along with some memory care units, 66 senior affordable apartments, 30,000 square feet of retail space (for example, restaurants, cafes, a neighborhood market, personal services, shops) and a town square that will serve as a place for public gatherings and events (for example, a farmers market). The City Council will consider approval of the Disposition and Development Agreement, the Environmental Impact Report, General Plan Amendment and Rezoning, and a host of other actions on November 18, 2013.
- Pilgrim-Triton - the first tenants at The Plaza at Triton Park (the first phase of this 4-phase development project) moved into their new apartments in January 2013, and the developer reports that they have nearly reached 90% occupancy by October 2013, well ahead of expectations. Retail spaces will be leased out in the near future, of which some of the first commercial tenants include a coffee shop, hair and nail salon, and a deli / sandwich shop - all owned by Foster City residents. The developer of Phase IV of the project area known as Triton Pointe, which includes 166 residential units and 6,000 sf of retail plus an additional 43,000 sf of office space, received City Council approval for its development agreement and construction is underway. The Waverly, which will include 240 residential units, and 5,000 sf of retail is under use permit review at the present time. The next step of the fourth and Final Phase, which will include 17 live-work units and 173,000 sf of commercial office space, is for architectural review through a use permit application.
- Gilead Sciences - Gilead received approval of its Environmental Impact Report on October 16, 2013, which includes mitigation measures that will be required under a master plan that will eventually become a 2.5 million square foot campus in the Vintage Park area north of SR-92. The construction of a 2nd Lab Building will be underway shortly. Gilead currently has received vested rights to construct 1.2 million of the 2.5 million of their master planned campus.
- Chess-Hatch - the development agreement and rezoning for the Chess-Hatch area immediately north of 92 was approved by the City Council in August 2013. The development will include the redevelopment of 180,000 sf of 1970's single story light industrial space into 800,000 sf of Class A commercial space ready to support the needs of established or growing companies in the biotech, technology and/or R&D sectors.
- Extended Stay Hotel - the developer of a proposed 115-unit extended stay hotel is working with Planning staff and the Planning Commission to bring forward this new hotel on the former Black Angus site.