Principal JV to Build Bay-Area TOD
- Nov 27, 2019
Republic Urban Properties has formed a joint venture with Principal Real Estate Investors to develop Gateway at Millbrae Station, a transit-oriented mixed-use project in Millbrae, Calif. The partnership, which will construct, finance and own the residential and office component of the project, is set to break ground on Dec. 4.
Situated at the Millbrae BART Station, the development will provide access to the entire Bay Area, including downtown San Francisco and San Jose. Gateway at Millbrae Station is also located merely 2 miles of San Francisco International Airport.
As one of the largest transit-oriented developments in the Bay Area, the project will encompass 157,000 square feet of office space, 320 market-rate and 80 affordable rental units and 44,000 square feet of retail. The project will also incorporate new public open spaces, plazas, pedestrian and bike paths and dog parks. Additionally, the development is expected to bring approximately 1,000 jobs to the area. Constructed in six phases, the mixed-use asset is slated for completion by 2022.