Orange County, CA-based Raintree Partners is investing big time in California. The real estate investment company announced last week that it currently under construction on three mixed-use projects in California totaling more than $500 million in value.
The projects include a 465-unit apartment and co-working property in Sunnyvale, a 92-unit multifamily, co-working, and kayak rental property on the waterfront in San Francisco, and a 109-unit multifamily and retail project in Dana Point.
"There has been a rise in demand for these projects over the past five years, as communities seek to increase opportunities for engagement and connection among people and businesses," said Jason Check, managing director of Raintree Partners in a recent news release.
Check says the recent increase in mixed-use developments is due to things such as the current demand the industry is seeing towards a more urban and walkable way of life. “People of all ages prefer walkable communities, and the convenience that comes along with them, now more than ever before,” he said in the release.
In central Silicon Valley, Raintree’s Encasa development will feature 465 luxury apartment units and nearly 5,500 sq-ft of dedicated co-working space that offers private offices, lounges and other features. The property is minutes from Moffett Park and the technology corridor, which features tech giants Google, Microsoft, Yahoo, HP, LinkedIn, and others.
Encasa also includes a pedestrian path and bike network that connects the property to local business hubs, a 1.1-acre park, multiple swimming pools, spa and fitness space, a community garden, communal kitchen and herb garden, a craft workshop, parks, private garages, bicycle repair rooms, and more.
The project is being built by Campbell, CA-based Palisades Builders. Construction began in the second quarter of 2015 and will complete at the end of this year. Crews recently completed the first half of the project and are now working on finishes on Phase 2.
Raintree’s other Northern California project is located in San Francisco’s historic Dogpatch neighborhood. “The Martin” development includes 92 luxury apartments, nearly 3,000 sq-ft of co-working space, and waterfront kayak rentals. Named after the Martin Brothers Shipping Company, which formerly occupied the project site, The Martin is situated along the Third Street light rail corridor.
Danville, CA-based James. E Roberts Obayashi is the general contractor on The Martin, which broke ground in the third quarter of 2015 and is expected to be complete this summer.
In Southern California, Raintree recently broke ground on Prado West, a multifamily and retail development in the Lantern District of downtown Dana Point. Led by San Diego-based contractor T.B. Penick, the project will feature 109 luxury residences and nearly 30,000 sq-ft of new restaurants, shops, and public courtyard space.
The new Prado West community will offer one -, two- and three-bedroom residences in walking distance to the beach and feature private outdoor terraces, concierge services, on-site fitness, surfboard lockers, boat and paddle board rental, and more, as well as harbor, dining, grocery and retail options.
The community’s ground floor retail space is planned as a walkable commercial storefront with a mix of restaurants and retailers, and will include a public plaza. The project, which just broke ground and is in the foundation stage, is slated to complete in mid-2019.
The individual costs of these three projects has not been made public.