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January 27, 2016

Comments

reality

I love it. The project is already approved / permitted by the planning commission and city council and now somehow they're 'alarmed' by the number of new jobs / employees that the project will bring to town.

Well, the CBRE team tried to deliver tenants to the TBB project for a couple years with no success. The lead broker told me that he didn't think that it was going to happen from a demand perspective about 2 years ago. The head of real estate hadn't even heard about the opportunity to this 'Life Science' project several months into its marketing, as I chatted with her while watching the America's Cup races. Perhaps demand is stronger now.

That's the challenge of having planning commissioners and city council people with little or no insight into the commercial real estate market make demands on a project or assumptions about how much retail should or shouldn't be there...

The folks fishing and selling drugs in the dirty parking lots by the project aren't a good source of retail demand. And other bay front visitors there are limited. Most projects like this have enough demand to support a cafe. I agree, this one will support a day care and perhaps a gym with outside members. You want it to connect more with the natural surroundings? It's landfill. Get the layers of gov't approval bodies to allow substantial docks for personal boats as well as tourism board or even a commuter ferry. They'd probably need to be towards the bay to the right/ south.

I'd like to request a roof top 360 view restaurant / bar / jazz club, please.

Well, many of the top office real estate VPs will be at The Racquet Club tonight for the annual CORENET holiday party. Perhaps the city council and planning commissioners and the developer should pick up some tickets. See you there.

reality

Edit: the head of real estate from Genentech. She'll be there tonight.

fred

https://www.youtube.com/watch?v=mD533axlPNM

hollyroller@hotwire.com

I used to live in Potrero Hill-SF and commuted on Cal Train to and from work 5 days a week.
From Cal Train to Broadway was pretty easy.
However, from Broadway to my place of work, CCA would take a minimum of 45 minutes.
The location of any "Complex" will need a huge amount of foresight before the City of Burlingame signs off on anything...
Meaning, large changes of access from Public Transportation.
That will include @ 10 years of environment impact reports.
Fed & State.
Global warming.
ETC.
This concept will not happen to anyone reading this comment now within 30-50 years.

Not Going to Let My Lawn Die for This

I'm not willing to let my lawn die for office space. Where are the No Blood for Oil people when we need them? No Water for Buildings! I like the private boat dock idea. Very smart.

Bruce Dickinson

Listen, guys, the only movie they should be showing at that drive-in site, is "The Big Short", as yes, it is a metaphor for the China, technology and real estate bubbles popping as we speak. Look, that location could never find a market clearing price for development, until you had real estate prices skyrocket to beyond 2007 prices recently. So, sadly, Bruce Dickinson believes this development will be a monumental disaster that will take years to recoup the investment, unless they start locking in leases, now and for a long term.

Bay Area real estate has been propped up by money from China and from tech IPOs. Trust me, I'm involved in several new media ventures and the VC capital is shrinking faster than George Costanza's you know what in a cold swimming pool, ya know what I mean?

Another ominous sign is the City of Burlingame as well as the State of California gushing in self-felcitatations on how budgets are balanced all of a sudden and then you can take on a bunch of spending. Ya know what they say, when the shoe shine guy and the government official start talking about investing in something, you know it's time to sell, sell, sell!

Sorry to be the killjoy to the friends at home, but remember, Bruce Dickinson didn't get to the top of the heap by following lemmings!

Peter Garrison

Exactly; and the water issue. 100's more apartments at North Park on Carolan and 3000 workers at the Drive-in site? Just pay off the debt and fix the pot holes.

hollyroller@hotwire.com

I used to have a very good business in the Hunter's Point shipyard.
our shop and equipment were stored there. Our work team was a 7:00AM to 5:00PM.
There used to be a very good restaurant outside the gates-"Dego Mary's."
Now that I have shown my bona-fides, Hunters point Naval Shipyard has been purchased by A few China Corporation's for real estate sales.
Hunters Point US Naval Shipyard was determined to be "Superfunded."
The place has been for sale for about 30 years,
Until China agreed to dig up all the Hazardous Soil, and transport it to China, for disposal, no US corporation could afford to invest.
That this type of business can exist in the US.
Is really heartbreaking.

Peter Garrison

A drive-in would be nice.

David

Have the investors or the City of Burlingame considered the risk from sea level rise on this project?

I attended an open house this morning held by San Mateo County and projections are that the Bay could rise a foot or more by 2050 (34 years) and three feet by the end of the century.

Add in king tides, storm surges and future El Ninos and the threat to low-lying areas such as this is substantial. The county estimates that up to $24 billion in assets along the bay and coastside are vulnerable.

State Sen. Jerry Hill, Assemblyman Rich Gordon and County Supervisors Dave Pine and Don Horsey were all there and spoke of the need to start planning and preparing now. Sure hope the investors are taking into account the impact of flooding from rising sea levels.

For anyone interested in the county's efforts, go to http://seachangesmc.com/

Cowbell ringing in my ears!

Demand for office space is through the roof and rents are soaring. You tube just bought in San Bruno and businesses in the area are complaining about increases. HQ Asia is making inquiries about other property in Burlingame and "for lease" signs are a rarity. No shrinkage there!

Access will be an issue for those traveling SB on US101 until San Mateo bites the eminent domain bullet and does what we all know to be the right thing: on and off ramps at Peninsula.

Water? Really? It's an office building folks! Next as usual, school overcrowding will be the issue. Zero development is the only thing that will placate the BV zealots. They'll raise every issue to halt progress in the name of some Pollyanna vision of Burlingame 50 years ago.

Peter Garrison

OK; A drive-in and zero development would be nice...

Not Going to Let My Lawn Die for This

Cowbell apparently doesn't pee or make coffee at work. "It's an office building". Yeah and a damn big one at that. Not letting my lawn die for that.

Bruce Dickinson

Listen, anyone who thinks that commercial property is recession proof, stop thinking about your backyard and start thinking about some of the most dense areas in the world, such as Tokyo or Shanghai, where recession impacts have been felt for years or will be felt very shortly. People said a lot of things in July 2008 in the USA, that had negative predictive value. Everyone thought that real estate would always go up....until it didn't.

This is from my guys in the business, who actually own these companies. Commercial property is facing two challenges: fitting more in less space (individual offices have given way to cubes and open desks) and the impact of telecommuting in the internet age. In one of the VC's I'm partnered in, they have a "Telepresence Room" that is a giant screen that teleports high definition instantaneous video of people in another conference room that looks just like the one you're sitting in. It is almost like you are sitting face-to-face, with the table, chairs, background, or anything..it's startling.

No part of the economy is immune. We live in a capitalist society and guess what, capitalist economies have cycles and every sector has its recession, period. And guess what else? the other dirty little secret is that few can predict it, especially the know-it-all blowhards that are all show and no go, that is, have no winning trades to show for all the confidence and bravado. Booms and busts happen because everyone thinks things can only go in one direction, by definition. When you've been around for seven decades, like yours truly, Bruce Dickinson you've pretty much seen it all.

Go see "The Big Short" after reading the book, and tell me what you've learned! If you knew it all before seeing or reading, then show me your Ferrari, and I ain't talking a Mondial!

Laura

I as well as others will be fighting the south bound Peninsula overpass eminent domain purchases.This project has been approved once already without it so why would they need it now to be approved. All these residential developers talk about people not using cars as much and therefore justifying under parking their projects. Been told over and over that they will ride bikes, take buses etc. to work and to the store. Per there thinking, the south bound 291 overpass wouldn't be needed.

Laura

Meant south bound 101

BV Zealot

How does one get to be a BV Zealot? Is there some sort of test or certification? Where can I apply?

Reality

Bruce is Mike Heffernan, correct?

hillsider

Mike should be so lucky.

Cathy Baylock

"And the walrus is Paul…"

hollyroller@hotwire.com

Dear Mr. Dickenson,
Do you receive "royalties" from SNL, Fallon when they plat BOC parodies?

Joe

I know Mike Heffernan personally--and his Ferrari. I've just had a very pleasant chat with him and I can assure you all that he is not Bruce Dickenson. Mike is active in some aspects of B'game charities and the like, but not at the level of understanding of city affairs that BD has demonstrated. Let's move on, folks.

Joe

The Daily Journal headline for this piece is "Drive-in project to break ground: Burlingame mayor says massive project could be catalyst for Bayfront development". It will certainly be a catalyst for Broadway traffic jams even when the new bridge over 101 is finally finished.

------------------

A long-delayed and potentially transformative development along the Burlingame Bayshore is set to break ground, which the mayor believes could kick off a revitalization of the surrounding area.

Work will begin soon at the former Burlingame Drive-In to construct 767,000 square feet of office as well as research and development space split between four buildings ranging between five and seven floors.

The project on the 18-acre site at 300 Airport Blvd., in the area east of Highway 101, stands to be the first in a variety of proposals aiming to redevelop the city’s Bayfront.

“I’m so excited about this,” said Mayor Ricardo Ortiz. “The biggest thing for me will be a renaissance on the Bayshore.”

The project initially entitled in 2012 sat fallow for years until it was purchased for $47 million in 2015 by global investment firm H&Q Asia Pacific, which moved quickly to redesign the proposal into a campus accommodating life sciences companies.

Beyond the offices plus research and development spaces, the project will include a six-story parking garage and a two-story building offering amenities such as child care, a fitness center, restaurants and outdoor terraces.

- See more at: http://www.smdailyjournal.com/articles/lnews/2017-02-08/drive-in-project-to-break-ground-burlingame-mayor-says-massive-project-could-be-catalyst-for-bayfront-development/1776425175562.html#sthash.X5UffTYU.dpuf

Laura

This project is why Council will go along with San Mateo and do what they can to approve the Peninsula Ave overpass. The Peninsula will be gridlocked as we do not have the infrastructure to support this project or any of the other massive projects throughout the Peninsula.

We have water this year, but just talked to a representative of the Redwood City water department as she was LOWERING my water budget for a commercial property next year. I said we couldn't cut back anymore but they are still asking for another five percent cut back. Why? Take a look at the massive projects in that City and that's why.

just looking

I haven't been to the Voice in some time. I see that the pain points are still the same. You are correct that the huge build outs will eat into a stagnant amount of water. Pun intended. Until the various levels of government and water agencies get together to find a place to store more water property owners will get smaller and smaller pieces of the pie.

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