MULTIFAMILY MARKET HEATS UP IN CONCORD

September 27, 2016

Legacy Partners and SyRES Properties broke ground last week on Concord’s 180-unit Renaissance Square Phase 2 apartment complex, kicking off what will be a very busy couple of years for the city.

The City of Concord’s recent Current Projects Report calculates 385k SF of commercial retail/service, 297k SF office/medical/industrial/public, and 875 units of multifamily development are either under construction, approved or proposed.

Last week’s groundbreaking brought out City of Concord council member Tim Grayson and vice mayor Ron Leone, with SyRES Properties SVP Glen Ceridono, Legacy Partners consultant Dennis O’Keefe and senior managing director David Eichler, City of Concord mayor Laura M. Hoffmeister, treasurer Tim McGallian and council member Edi E. Birsan.

SyRES Properties’ Glen, with Laura and David, says the new development is about “location, location, location.”

Renaissance Square II will benefit from the amenities downtown, which include a movie theater across the street, retail and a farmers market. It will be close to a strong employment base with Concord’s diverse employers and within the “dynamic and ever-changing and growing community” of Concord, Glen says.

David says Legacy Partners would not have been successful without the support of many city staff members, who “saw the vision we saw.”

The new development “speaks to the appetite of residents seeking amenity-rich accommodations situated in a transportation-oriented environment,” David says.

With other projects currently being planned and the addition of Wells Fargo, which will be moving 2,000 employees into a 285k SF building in Concord, “we are well-placed in the region,” the mayor says.

She added Concord has the benefit of vacant land near BART and a lot of land available for redevelopment will soon be put on the market.

The Legacy Partners/SyRES JV acquired the already built 134-unit Renaissance Square Phase 1 in August. Phase 1 amenities include a community room with a kitchen, a conference room, a fitness center, a pool and a spa, with outdoor lounge and grilling areas.

The second phase, will share these amenities and add a new leasing office, clubhouse, wine bar and demonstration kitchen. The architects are Danielian Associates and Architects Orange.

The groundbreaking of Renaissance Square Phase 2 is just the beginning, and there is plenty more development and redevelopment in the works.

City of Concord economic development and housing manager John Montagh tells Bisnow Concord is uniquely positioned to benefit from the Bay Area’s current housing needs.

“We’re seeing the heated housing markets of San Francisco and Oakland and the need for residential housing making its way into Concord,” he says.”Developers are looking for receptive cities and transit-oriented development locations.”

John says the city has had a strategic plan in place for many years for redevelopment. The city has had great success drawing people into the city during the day, especially with its strong employment base, but John hopes the next phase of development will mean more people downtown at night.

John says additional redevelopment is in the works at Town Center 2, which is across the street from the Legacy development. Avalon Bay is proposing to turn the three acres into a mixed-use apartment project.

Argent Development is working on a 170-unit development in downtown, and Nicholson Development Properties is planning another 230-unit apartment complex at Willow Pass Road and East Street. These developments are going through the entitlement stage, according to John.

Other major developments include the 375k SF Verdana Shopping Center, under construction, adjacent to the Willows Shopping Center off Diamond Boulevard. Stores will include a Whole Foods 365, regional retailers and various restaurants.

The massive Concord Community Reuse Project, located at the former Concord Naval Weapons Station, tips the scales at 5,000 acres and is one of the Bay Area’s largest developments. Over its 30-year total build-out, it will include 6M SF in commercial space, 12,000 housing units, a quarter of which will include affordable housing, and a 175-acre tournament and park complex. Out of the 5,000 acres, 2,200 acres are developable and 2,800 are set aside for local parks, the East Bay Regional Park District and open space, according to John. Lennar’s FivePoint was picked earlier this year as master developer.