The first residents are moving into the Township Apartments in Redwood City, a 132-unit community that began leasing units in December and marks the start of a wave of new apartments coming to the Peninsula.
The four-story building, at 333 Main St., was developed by Sares Regis Group of Northern California. About 40 percent of the units leased within two and half months. Jeff Smith, vice president at Sares Regis Group of Northern California, said the project has attracted a variety of residents, but mostly young, single people and people moving out of single-family homes. Many of the residents work in technology.
“People do want options where they work on the Peninsula and Silicon Valley,” Smith said. “They don’t want to spend an hour on a bus commuting from San Francisco.”
The building includes units ranging from one to three bedrooms leasing for between $2,650 and $3,800. The project is within a few blocks of Redwood City’s downtown core and close to various other housing development sites.
Sares Regis is the first developer to complete new housing that fits into a plan city officials spent years devising to make the downtown more walkable and urban. First came retail and entertainment with restaurants, bars and theaters drawing evening crowds. The next piece of the puzzle is housing, Smith said.
“Township Apartments is the first building bringing new residents to downtown,” he said.
For the first time in about a decade, an apartment boom is going on with about 1,700 units under construction in various Peninsula cities that want to energize their downtowns and alleviate demand for housing. Last year, Sares Regis completed the Plaza, a 307-unit community in Foster City, and is also leasing up 888 in San Mateo. Approximately 1,000 units of housing are planned for downtown Redwood City.
“Because of the fact that there was so little multifamily built for over a decade on the Peninsula, there’s just so much catch up to do,” Smith said. “All the new buildings will add to the housing stock. Now you have another option for people who don’t want a single family home.”