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A Bay Area developer is teaming with a global real estate investor to build a $450 million transit-oriented project in Millbrae.
Republic Urban Properties, a San Jose-based property developer, and Principal Real Estate Investors announced their partnership Tuesday. They expect to hold a ceremonial groundbreaking Dec. 4.
The Gateway at Millbrae Station development will be one of the largest projects in the Bay Area with 157,000 square feet of office space, 320 market-rate apartments, 80 veteran-preferred affordable housing units and 44,000 square feet of mixed-use retail space. The 17-acre project will also feature a 164-room hotel. It is scheduled to be completed by summer 2022.
The development will have proximity to both the Millbrae BART and Caltrain stations. BART owns the property and wanted the project focused on public transportation as feature the veteran units.
Republic has spent the last six years seeking approvals from the city and local authorities. Des Moines, Iowa-based Principal, part of the Principal Financial Group (NASDAQ: PFG), manages or subadvises $85.7 billion in commercial real estate assets.
