San Bruno, California
Market: S.F. Bay Area
Type: Multifamily Residential
Role: Development Partner
Status: Development completed in 2004, 2007, 2009 and 2010
Master-planned community that has transformed 20 acres of former U.S. Navy property near San Francisco International Airport on the densely populated San Francisco Peninsula.
648 rental apartments
187 for-sale residential condominiums
6,000 people/square mile
86% of metro area median household income
Hailed as the city of San Bruno’s “new downtown,” The Crossing is located approximately seven miles south of San Francisco, at the juncture of Interstate 380 and El Camino Real, directly across from a 973,000-square-foot regional mall, The Shops at Tanforan.
Well-located site features quick access to both of the San Francisco Peninsula’s major commute corridors (Interstate 280 and U.S. Highway 101), which connect San Francisco and San Jose. It is also within walking distance of two commuter-rail transit stations (BART and CalTrain).
Invested in three phases of the redevelopment project, for which TMG Partners and Sares Regis of Northern California jointly served as master developers.
Developed two five-story residential buildings as the project’s first two phases through ventures with TMG and Sares Regis. Construction of the adjacent buildings, which total 485 rental apartments, was financed through proceeds from the sale of tax-exempt bonds; 20% of the units in each building are designated as affordable housing for low- and moderate-income residents.
Through a venture with SNK Realty Group, developed The Crossing’s third phase, two five-story residential buildings immediately to the west of the first two phases. One of the buildings, Acappella Apartments, totals 163 market-rate rental apartments. The other, Grand Luxe Peninsula, consists of 187 for-sale condominium flats and town homes.
Winner of the National Association of Home Builders Multifamily Council’s Pillars of the Industry Award in 2006 for Best Interior Merchandising.
Phase I (then known as Meridian Luxury Apartments) was named one of the Market-Rate Residential Deals of 2004 by the San Francisco Business Times.
www.acappellacrossing.com (Phase III)
www.archstoneapartments.com (Phases I & II now called Archstone San Bruno)
www.grandluxepeninsula.com (Phase III)
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