Almanac

News - September 8, 2010

Commission counters Beltramo's townhome proposal

by Sandy Brundage

The ball's back in the developer's court after the Menlo Park Housing Commission unanimously agreed on a counterproposal Sept. 1 to Beltramo's Investment Co. The city and developer are negotiating the number of below market rate (BMR) apartments to be included among the 16 townhomes planned for 1460 El Camino Real.

Although the original approved plan included three BMR units, the Beltramos asked that in light of declining real estate values, only one be set aside, with 10 to 20 percent of sales revenue on the remaining units going back to the city to compensate for not including two more.

Douglas Frederick, the city's housing manager, said the commission asked for a higher percentage of revenue if construction costs declined.

With the exception of that one change, the five commissioners agreed to accept a previous offer from Beltramo's of in-lieu fees on five market-rate townhomes, $207,348 in commercial linkage fees, and a cut of the revenue if sales prices exceed $1 million.

If Beltramo's accepts the counterproposal, the Planning Commission and City Council would need to approve the final arrangement.

Comments

There are no comments yet for this post

Don't miss out on the discussion!
Sign up to be notified of new comments on this topic.

Email:


Post a comment

Posting an item on Town Square is simple and requires no registration. Just complete this form and hit "submit" and your topic will appear online. Please be respectful and truthful in your postings so Town Square will continue to be a thoughtful gathering place for sharing community information and opinion. All postings are subject to our TERMS OF USE, and may be deleted if deemed inappropriate by our staff.

We prefer that you use your real name, but you may use any "member" name you wish.

Name: *

Select your neighborhood or school community: * Not sure?

Choose a category: *

Since this is the first comment on this story a new topic will also be started in Town Square! Please choose a category that best describes this story.

Comment: *

Verification code: *
Enter the verification code exactly as shown, using capital and lowercase letters, in the multi-colored box.

*Required Fields