Tuesday, April 9, 2013

San Carlos makes a good downtown land deal, $1 cost to the developer


Palo Alto Daily News/Peninsula/Bonnie Eslinger, 4/9/13. "San Carlos will sell Wheeler Plaza for $1 to get mixed-use project."

The San Carlos City Council voted 4-1 Monday night to sell Wheeler Plaza and some surrounding downtown parcels owned by the city for $1 to a developer who wants to build homes, restaurants and a parking garage there.

wheeler-plaza.jpg
City of San Carlos will develop a downtown parcel 
 ....  In return, according to the memo, the city will get a 237-space public parking garage -- 50 more than the 187 at Wheeler Plaza -- an 8 percent share of any profits from the homes and commercial buildings if they exceed a "break-even" threshold, vehicle and pedestrian access improvements, and more than $2 million in revenue from construction-related fees and permits. In addition, the new residences and businesses are expected to generate more than $100,000 a year in sales taxes, according to the memo.

The development along Walnut Street and San Carlos Avenue would feature 108 condominiums in buildings up to five stories high and 9,855 square feet of retail space."     Read article. 

Reference City of San Carlos, Departments Wheeler Plaza development concept community meeting May 4,l 2011.  "The City of San Carlos has been working with developer Silverstone Communities to explore the potential for redevelopment of the downtown surface parking lot known as Wheeler Plaza.  This parking lot is located behind Laurel Street and San Carlos Avenue and it fronts on Walnut Street. Several city owned buildings located along San Carlos Avenue and Laurel Street would also be included in the site area."  Note:  Downtown photographs are from the City of San Carlos, the area map is from White Oaks blog.


Posted by Kathy Meeh

 
 

17 comments:

Anonymous said...

Land for $1? Would any developer take that risk in Pacifica, even for that same one dollar?

Anonymous said...

Well, I dunno know but I like the revenue from construction-related fees and permits and the on-going sales tax income and what's not to like about a share of the potential profits? How about we slap a $1 price tag on the OWWTP and see what happens? Ditto for City Hall and the offices on Francisco. I know, we'd be giving away "prime ocean-front real estate". Much smarter to sit on it for another decade and pay a bundle
for some drawings, again. Our prince will come one day.

Anonymous said...

Pacifica Index has a fascinating list of all the projects "pending" in Pacifica as of April 2013. Can't blame the city for all the delays and non-starters...like the assisted living thing. Thanks, Fogel! And, fingers-crossed for the Holiday Inn Express expansion. They're serious.

Anonymous said...

Every other city can but Pacifica.

Bankruptcy attorney's on line 1!!!

Anonymous said...

Suggest you look up the requirements for a Chapter 9 bankruptcy. Not so easy to qualify. And Pacifica doesn't. Not yet, anyway.

Anonymous said...

@11:26a.m. ha, ha, "Our prince will come one day." Already has, and with our luck, he turned out to be a real frog. Heard he hangs out with his pals at the Sharp Park Golf Course. Perhaps we should hold out for a princess since we've got Sam's Castle unless she's already moved.

Anonymous said...

You know what they say about frogs...you've got to kiss a lot of them before you find a true prince. So true in Pacifica where the search goes on.

Anonymous said...

Please Don come back.

Anonymous said...

Smart people and good decisions in San Carlos.

Beach Blvd. reminds me of the Crossings in San Bruno. They had a program for that site, formerly owned by the navy. They didnt build it all at once. The hotel piece was discussed here before, the City of San Bruno bought it to preserve as a hotel piece. I am hoping that they can subdivide the property into zones, so you can sell the housing piece to a housing builder right away, because I'm not so sure anyone is going to build a boutique hotel or restaurant at the moment at this location. Sell the housing part at market, and deeply discount the restaurant and hotel pieces, to make projects there feasible and attractive to owner / operators.

Anonymous said...

"Smart people and good decisions in San Carlos."

Don't overestimate the thinking skills in S.C., they have budget problems, have already outsourced the cops, and parking and traffic in the downtown is really bad at peak hours. This project will intensify that condition.

They do have higher real estate values and well-funded schools.
I still like Pacifica better as a place to live.

Anonymous said...

San Carlos can!
Pacifica can not!

Anonymous said...

Sounds like San Carlos is dealing with their problems. No sense of that here.

Anonymous said...

I hear Don is sniffing around the South Bay these days. Who knows, we might get him back after all.

Anonymous said...

Oh, Don Don Don. We've never stopped loving you. Why did we listen to those others? Let's build a future together.

Please, Don, just give us one more chance.

Anonymous said...

Don is sniffing around the South Bay because that's where he can make the most money. Things are bubbling nicely there and there are no obstacles to development. Not the case here.

Anonymous said...

Why do people want Don Eagleston back?

Anonymous said...

Neither one of the Dons needs Pacifica in their lives.