570 El Camino Real #150-449 Redwood City, CA. 94063

Pauls Corp. closes on $20M deal for San Mateo Credit Union land in Redwood City

Apr 14, 2014, 1:28pm PDT

Enlarge PhotoThe Pauls Corp. is fully approved for a three-tower apartment project in downtown Redwood City.

The Pauls Corp. has paid the San Mateo Credit Union $20 million for a 2.4 acre site at 525 Middlefield Road in Redwood City, where it is planning one of the largest — and tallest — residential projects in the city’s history.

The Denver-based developer is fully entitled for the 471-unit apartment complex, and city officials expect the company to soon pull building permits. The project will include three, 10-story towers and about 10,500 square feet of ground-floor retail space that the credit union will occupy at completion, likely in 2016. We first told you about the development proposal last August.

The project is being welcomed by the city, which has seen significant progress in efforts to revitalize its once-struggling downtown. Numerous residential projects are under construction as well as a large speculative office development, Crossing/900, from Kilroy Realty Corp. and Hunter Properties. (Read more about Redwood City development activity hereand here.)

“It’s another example in our successful efforts to entice new residential development downtown, and we’re very excited to see it go up on a site that’s very underutilized today,” said Curtis Williams, interim planning director for Redwood City.

San Mateo Credit Union has already moved into a temporary location at 555 Marshall St., about two blocks away. The location houses the credit union branch as well as mortgage and investment representatives.

The credit union has owned the property that makes up the site since 1989, according to title records, but I was unable to determine what the company paid for it back then. Given the run-up in property values, it seems likely that the credit union made a nice chunk of change.

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