Redwood City, CA has been active in recent months in moves to draw new developers into the area to expand downtown and increase foot traffic. On January 24 the city approved the "Downtown Precise Plan" which included potential future City projects; now developers are beating a path to complete design proposals due October 17th to build large-scale projects with office space, market-rate housing or even an upscale hotel on a long strip of city-owned land now used for downtown parking near the Caltrain station according to a Mercury News article.
"People are more optimistic," said David Cropper, managing director for TMG Partners, a San Francisco based real estate development firm. "There's capital that wasn't there for real estate and demand that wasn't there two or three years ago. The city said we want a new downtown and it (the plan) makes it less difficult; they don't have to guess what the city wants," he said. "Redwood City is a county seat and it's got historic buildings and some charming buildings. It's the last great downtown on the Peninsula."
Despite a 25% vacancy rate in Redwood City, Dan Zack, Redwood City's downtown development coordinator, said he expects developers to submit project proposals that will be worth "tens of millions and may perhaps go past $100 million."
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