Posted by Jim Lewis, a resident of the Menlo Park: Downtown neighborhood, on Apr 6, 2012 at 11:12 am
This is exciting news. Less blight on El Camino Real and perhaps a better first impression to one of the gateways to the City. Hopefully the owners will have better luck leasing the building compared to the new medical office building located just two blocks away at 1906 El Camino Real, corner of Watkins Avenue. Developers don't always make money. Some do well and others lose their shirts. The way I look at it, given the risks involved in construction, the hassles working with so many in the process of construction, that they deserve whatever profit may be available. Without developers there would only be bare land.
Posted by Menlo Voter, a resident of the Menlo Park: other neighborhood, on Apr 6, 2012 at 12:11 pm
For starters, because the neighborhood held it's ground there will be more available parking than at the Watkins site. I think that is one of the reasons they have been having trouble leasing that building.
Posted by menloshopper, a resident of the Menlo Park: Downtown neighborhood, on Apr 6, 2012 at 12:20 pm
I may be mistaken, but the project may have been sold to a new developer who has made some slight mods to the plans, but it's basically the same building. So it's the new developer carrying on with the project, possibly obtained at good value.
Posted by market speaks, a resident of the Menlo Park: Allied Arts/Stanford Park neighborhood, on Apr 6, 2012 at 3:14 pm
so with this project moving forward and the one at 389 El Camino, maybe the council doesn't really have to give away development rights to get something to happen on El Camino? It was a matter of time until the market supported moving forward.
However, the argument the consultant and couneil used was that nothing would happen unless they provided development incentives. The market conditions have improved. Wanna bet the council doesn't back track on the prior excuse for allowing more development than the community workshops said was ok?
Posted by Menlo Voter, a resident of the Menlo Park: other neighborhood, on Apr 6, 2012 at 5:05 pm
It's not the original developer. The original developer was foreclosed on. As I said, the economy improves and these projects start to pencil out again. Give it a couple years and I'm betting the old Cadilac property development project moves forward as will the Derry project and the Beltramos. TIME not incentives to developers is what is needed.