Under-Priced $74M Condo Project Debuts in Swanky Suburban San Fran Town
- Sep 11, 2008
Silverstone Communities has completed the development of Park Broadway, a 96-residence condominium property located 15 miles south of San Francisco in Millbrae, part of California’s upscale San Mateo County. The concept behind Park Broadway adheres to Silverstone’s basic corporate tenet, which is to provide relatively reasonably priced, newly constructed homes with the same upscale tenor found at neighboring properties. Silverstone shelled out $74 million to complete the project. Located just outside of Millbrae’s downtown area, which is presently undergoing a $250 million upgrade, Park Broadway is geographically located to appeal to workers in the nearby Silicon Valley job market. Additionally, as is the case with all Silverstone Projects, the property is a transit-oriented endeavor, located within close proximity to BART, Caltrain and the region’s main thoroughfares. The mid-rise building’s most distinctive feature, however, is the collection of residences with price tags that are nearly $350,000 less than the median home price in the area. The debut of Park Broadway comes on the heels of the opening of Silverstone’s Peninsula Real, a 54-unit condominium property located in prestigious Los Altos, Calif., just a stone’s throw from Stanford University. Silverstone spent $54 million to realize the development. Silverstone operates its Northern California office from Redwood City, Calif. The residential housing developer centers its activities on building affordable, desirable homes in pedestrian-friendly city centers and suburban downtown areas near transportation, and retail and entertainment options. Silverstone presently has two other properties in its Northern California development pipeline that, along with Park Broadway and Peninsula Real, offer an aggregate 267 residences ranging from condominiums to single-family homes.