Dostart, Sares Regis to Wrap Up Bay Area Mixed-Use

Rendering of 220 Park Road. Courtesy of Sares Regis Group of Northern
California and Dostart Development

A joint venture between Dostart Development Co. and Sares Regis Group of Northern California has unveiled the final stages of 220 Park, Connect CRE first reported. The 184,000-square-foot, Class A office and retail development is underway in downtown Burlingame, Calif., and involves the integration of a historic property.

The developers broke ground on the project in 2021. According to CommercialEdge, Newmark arranged $181.9 million in construction financing on behalf of the ownership, originated by AustralianSuper. The loan is set to mature in 2024.

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The development is set become the tallest structure in the city. The project is slated for completion by the end of 2023, with the exterior and site enhancements concluding in early 2024, according to Sares Regis.

A Bay Area mixed-use: Delving into the details

Construction plans involve integrating the restored historic Post Office building 1.3-acre vacant site into the upcoming 220 Park six-story building. The design will also encompass an adjoining 11,000-square-foot outdoor amenity space. Developers will preserve the front exterior of the post office while adding new construction behind it, along with a two-level, 275-spot underground parking garage.

The lower level, incorporating a section of the current post office, will consist of 17,000 square feet of retail and dining areas. The office component will feature terraces on each level, along with patios located on the third and sixth floors.

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The property is set to emerge at 220 Park Road, closely intertwined with Burlingame’s forthcoming Town Square, a 28,000-square-foot public gathering space. The project aims to achieve LEED Gold and Fitwell certifications, a combo aiming for both environmental sustainability and well-being.

According to Sares Regis, the partnership undertaking the development will contribute $2 million to the city for the development of Town Square. Furthermore, it will allocate an extra $3.5 million in various fees to support the construction of affordable housing in Burlingame.

Bay Area office market has 5.3 MSF under construction

As of April, the latest CommercialEdge report revealed that there were 118.2 million square feet of office space under construction across the nation, which accounted for approximately 1.8 percent of the total stock.

The vast majority of upcoming supply consists of Class A and A+ properties, totaling 109.9 million square feet. Furthermore, there were more than 300 million square feet of office space in the planning stages. The same source reveals that the Bay Area market contributed 5.3 million square feet to the overall under construction pipeline.

Earlier this month, Sares Regis, in partnership with Hunter Storm, topped out another California project. The developers are bringing online three buildings within Cityline, an upcoming mixed-use development in downtown Sunnyvale.