A previous version of this article incorrectly reported which developers are asking for city money for their projects. Alliant Communities is not seeking any city money.
BY ADRIANA HERNANDEZ
Daily Post Staff Writer
Developers eyeing to build housing in Menlo Park’s downtown parking lots are worried about a citizens’ initiative which could derail their plans and possibly raise the price tag.
Presidio Bay representative John Meany said that facing hurdles poses a significant risk because the project becomes less feasible. Presidio Bay had the same sentiment as the other two developers who presented plans to council on Tuesday (June 2).
Alliant Communities Senior Vice President Steven Spielberg said the November ballot initiative aimed to stop the project and the needed outreach to residents is going to slow the project down.
CEO of Related California, Ann Silverberg, also said the uncertainty concerns her. No one knows what will happen in November, but the project they plan to build will require a lot of funding sources.
“We try to be as transparent and honest about how we’re looking at (funding) even when we’re delivering bad news,” Silverberg said.
Presidio Bay is asking the city to contribute $15 million for the parking replacement. Presidio Bay, which owns the Springline development at 1300 El Camino Real and the former USGS campus, is proposing to build a standalone garage with 455 spaces along University Drive to support businesses. They would build 347 apartments, with 814 parking spaces and 556 will be for the public. They anticipate construction to last three years.
Alliant Communities is not seeking any city money. Alliant Communities is proposing 345 apartments across four buildings with 738 parking spaces, and 556 of those spaces would be replacement parking for the existing lots.
Related California is asking the city for around $26 to $30 million. Related California, in association with nonprofit Alta Housing, is proposing 500 apartments, including 126 for seniors and 220 for families, across three buildings. The highest building is nine stories high. They plan to take up most of the space on University Drive with a garage with 556 to 574 spaces, plus bicycle parking and a new park.
Councilman Drew Combs said it would be best to review the feasibility of each project for the city.
It would be great to know where the city will get the money to ensure it has access to the funds needed, Combs said.
Residents will be voting in November on whether they should have a say in any proposed housing on the downtown parking lots. The measure landed on the ballot after a group of downtown merchants, landlords and residents started the group Save Downtown Menlo and got enough signatures to put a measure on the ballot.
Council will be reviewing funding options at its next meeting.
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