If the 183 downtown Menlo Park apartments at 1300 El Camino Real are approved and built, who will live there?
According to Bob Burke, principal developer at Greenheart Land Co., it is expected that the tenants at the new rental apartments will be "single professionals, young dual-income couples, and possibly young families who are remodeling or building their home in Menlo Park and need a short-term place to live."
Between when Greenheart first proposed the project in 2013 and the current iteration of the plans, there was an increase in the percentage of larger apartments.
In the 2013 proposal, 67 percent of the apartments were one-bedroom units, 30 percent were two-bedroom, and 2 percent were three-bedroom.
In the current proposal, the percentages are 54 percent one-bedroom, 42 percent two-bedroom, and 4 percent three-bedroom.
The total number of units decreased to 183 from 215. The size of the units increased, and more two-bedroom apartments were added.
However, Mr. Burke said he didn't think that would change the expected type of renters at the new apartments. Millennials are willing to share two-bedroom apartments, he said, in order to reduce individual rent costs. He said he didn't expect the shift to larger units and more bedrooms to substantially increase the number of students going to local public schools.
The property taxes and impact fees the development will pay provides a significant contribution to local school districts, he said. According to Greenheart's estimates, the company will pay the Menlo Park School District $580,000 per year in property taxes, while generating a maximum of 33 students, or roughly $17,575 per student per year. In the Sequoia Union High School District, the company would pay $500,000 per year and generate an estimated 16 students, yielding about $31,250 per student year.