I had heard from a most reliable source that the 301 Airport property that last housed the B'game Drive-in changed hands again with H&Q Asia Pacific taking control of that major bay front parcel that last had plans approved in 2012. But I forgot to blog it until I read the latest edition of SV magazine that comes free to B'gamers with Gentry magazine. SV interviewed six local realtors about the future of Silicon Valley real estate in a piece titled "Sky's the Limit". Most of the article is a rehash of things anyone who lives here knows: prices are up due to job growth, proximity to an (operating) Caltrain station is a plus, infrastructure improvement trails property development as an after thought, and some companies are looking outside of California for their next space.
Here is one interesting excerpt
SV: What's the next Redwood City?
Moran: San Mateo is the next biggest city that has the capability of changing, but they've got a height limit and a cap on square footage and they need a downtown plan. if they can do that and get some critical mass into the downtown, both residential and commercial, they have an opportunity to create a Redwood City-type environment.
I think Mr. Moran views that as a good thing! It reminds me of my Killing the Golden Goose post.
The article ran this conceptual drawing with the caption "H&Q Asia Pacific, and Asia-focused private equity/venture capital firm, recently teemed (sic) up with Chinese development company Genzon to acquire Millenium Partners' 18-acre Burlingame Point property development site for $48 million in March. The project could include up to 767,800 square feet of office space".
The earlier estimate that this size of development could mean 3,000+ jobs on the site probably is still valid. The only difference from 2012 from a Planning Commission standpoint is now one wonders where the water will come from? And if B'game consumption jumps with 3,000 new people each work day, what does that do to our 84 gallon per capita level (since that is per resident) that is down 27%? Will the state crack down even harder on B'gamers domestic use or is there some loop hole for new commercial usages? And if there is a loophole, why is it there?