Laguna Niguel, Calif.–based Raintree Partners, is currently under way on three mixed-use projects across the coast of California. When complete, Encasa in Sunnyvale, Prado West in Dana Point, and The Martin in San Francisco will contain a total of 666 luxury apartment units, 30,000 square feet of commercial space, and nearly 8,500 square feet of coworking space. The projects represent a combined total value of over $500 million.
Jason Check, managing director of Raintree, attributes his firm’s focus on mixed-use development, and the recent increase in mixed-use developments overall, to a shift in demand toward the way of life they offer. He cites a survey conducted by American Strategies and Meyers research in 2015, in which 79% of respondents said they “placed importance” on being within walking distance of amenities.
“Mixed-use projects [that include] authentic retail and food options as well as dedicated workspaces for residents have always been a part of great cities,” Check says. “… People of all ages prefer walkable communities, and the convenience that comes along with them, now more than ever before. [But] there needs to be a critical mass of interesting uses to make a place great.”
Raintree’s Encasa development, located near downtown Sunnyvale in Silicon Valley, is set to feature 465 luxury apartment units and 5,500 square feet of dedicated coworking space, which will include private offices and lounges. The first phase of the property has already been completed, with the second under way.
The residence is located within minutes of Moffett Park and Sunnyvale’s technology corridor, where major employers like Google, Microsoft, Yahoo, HP, LinkedIn, and many more are located. Shops, restaurants, and entertainment venues are also provided nearby, with pedestrian and cycling access available via the John Christian Greenbelt path network.
Beyond live–work offerings, which include private office leasing, Encasa includes multiple swimming pools, over 4,000 square feet of fitness space, a communal garden and kitchen, a craft workshop, parks, private garages, and bicycle repair rooms.
“This is a prime location for Sunnyvale’s growing population of professionals, and it's a very unique property,” says Rick Price, vice president of development at Raintree. “The way Americans work has changed, and we're anticipating the needs of our residents by integrating thoughtfully designed workspaces into this new community.”
Prado West recently broke ground in Dana Point's newly revitalized beachside Lantern District. When complete, the mixed-use property will contain 109 luxury units and nearly 30,000 square feet of retail space. Units will range in size from studios to one-, two-, and three-bedroom apartments and offer private terraces, on-site fitness, surfboard lockers, and boat and paddle-board rentals.
“This is the first major development in Dana Point’s revitalization plan for its downtown Lantern District, and we're very excited to be working with the local community on this project,” says Check. “We're working very hard to ensure that the project is well-aligned with the overall community vision for the Lantern District.”
The ground-floor retail space, known as the Shops at Prado West, will lease to a mix of local restaurateurs and retailers and include a public plaza with outdoor seating. CBRE manages commercial leasing for the retail component.
Raintree’s latest San Francisco offering, located at one of the city’s few public waterfront access points, in the Dogpatch neighborhood, is The Martin, which will offer 92 apartments, 3,000 square feet of on-site coworking space, and waterfront kayak rentals.
“With unobstructed bay views, waterfront access, and close proximity to one of the nation’s strongest job markets, the project will give residents easy access to the city,” says Check.
The Martin is located along the Third Street light-rail corridor, across from the Mariposa Street T-Line stop. The project is expected to be completed this summer.