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A Menlo Park developer is proposing a 15-unit multifamily residential project on the parking lot of an existing commercial building in downtown Menlo Park.
Prince Street Partners, managed by Chase Rapp, submitted a proposal in mid-December to renovate the former Comerica Bank branch at 800 Oak Grove Ave. and construct a new six-story residential building on the parking lot behind it.
The proposed residential building would include five stories of condominiums above ground-level parking, with 41 valet spaces serving both the offices and condos. The existing office building has 52 parking spaces.
The project would include one below market rate (BMR) two-bedroom condominium available to a household earning 50% of the area median income. In 2025, a two-person household would need to earn less than $78,350 to qualify.
The remaining 14 condos would include a four-bedroom penthouse, two, three-bedroom condominiums and 11 two-bedroom units. Each would have a balcony or private outdoor space, plus access to a shared fitness room.
Because the project is required to include 10% of its units at below market rate (1.5 units), Prince Street Partners said they would make up the value of the remaining half a unit by paying into the city’s below market rate housing fund with 3% of the sale price of three units.
The proposal would require the removal of five heritage trees and 18 non heritage trees. The developers proposed planting eight new trees to replace them.
Since the development includes an affordable unit, the developers said they need to add a roof deck to the existing office building to make the project financially feasible.
An attorney representing Prince Street Partners told the city that an outdoor roof deck would help the office building stand out and create a “unique marketing advantage” that could allow the developers to have higher rental income, which helps offset the cost of affordable housing.
According to the developers, Menlo Park has seen significant demand for Class A office space with amenities such as an outdoor area.
Under state law, some affordable housing developments qualify for a “concession” or “incentive.” Prince Street Partners said they need a concession to allow the roof deck.
The developers also claim the project qualifies for a number of exemptions, including minimum parking requirements, thanks to the site being within a half-mile from the Menlo Park Caltrain station.
The renovations will add 1,036 square feet of new commercial space, which means Prince Street Partners will need to contribute an additional $21,880 to the BMR fund ($21.12 per square foot), which the city says helps off-set the jobs-housing imbalance caused by the extra office space.
Chase Rapp, the son of longtime Palo Alto developer Roxy Rapp, is also behind several other Menlo Park developments, including the construction of three commercial buildings near the train station and a residential project underway at the former site of Feldman’s Books and Gentry Magazine on the 1100 block of El Camino Real.
Rapp did not immediately respond to a request for comment.
The city is required to respond to the application within 30 days. The developers said the project qualifies for streamlined review.
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Looks like a nice project and an upgrade for Menlo Park. I suspect the city will want them to add more parking.
ONE BMR unit. Probably in the basement.