How will the new downtown effect
San Ramon home prices?
The new San Ramon City Center is still in the works, and it promises to be spectacular!
Economic trends have pushed this project back until possibly 2014, so this gives us a lot to look forward to here in San Ramon. It will be a 2.1 million sq. ft. project broken down into 3 parts:
Plaza District – mixed use including retail, restaurants, and entertainment, residential units, and a hotel – all planned around a large plaza.
Office District – three new office buildings.
City Hall/Transit District – a new City Hall, Library, and Transit Center, and a parking garage for almost 7,000 vehicles
This new city center will be located in the Bishop Ranch 2 area and will cover approximately 40 acres at the northwest corner of Bollinger Canyon Road and Camino Ramon. This project is a team effort between the City and Sunset Development. Included will be over 635,000 square feet of retail space, a 169 Room hotel, over 680,000 square feet of office space, City Hall/Library and Transit Center taking up 110,490 square feet. Sunset Development is the developer and builder of the Plaza District and the Office District. . The City would be responsible for the Development of the City Hall/Transit District.
Sunset Development needs major commercial and retail commitments in order to begin construction of the project starting with the residential and retail components in the Plaza District. The office component will occur when Sunset has lease commitments to justify the construction of the new office space. It will be up to the City to decide if it wants to proceed with a City Hall, Library and Transit Center or if a smaller project is now a better option, due to the City’s acquisition and conversion of 2401 Crow Canyon into the City’s Police Station and Permit Center. The timing to start the new City Centers construction depends upon many factors including an improved economy and housing market, retail tenant commitments, and the ability of Sunset to obtain financing for the project, which is projected to be a tremendous benefit to the community, but it will need the proper economic conditions before breaking ground makes sense.
A committee researching the project spent a lot of time with the owner of Sunset Development, asking about timelines, economic triggers, vision, etc. They get the impression that Sunset is being cautious. They are waiting for improved economic conditions to justify the investment in the project. Even though there is frustration felt city wide at the constant delays, we have to look at it from Sunsets perspective. It has to juggle retailer commitments, residential demand, financing, etc. Also, to build the western half of the Plaza District in City Center, they will have to tear down Bishop Ranch 2, with its 200,000 square feet of rented office space.
While it has been very difficult to wait for this new Center, we have been assured that it is still happening. With economic conditions in our city beginning to improve, it shouldn’t be too much longer before we can anticipate seeing signs of groundbreaking on our beautiful new City Center! Stay tuned!
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