Shopping center and hotel project slated for Livermore
San Jose-based real estate firm Republic Family of Cos. has purchased a 22-acre property in Livermore for the development of a 250,000-square-foot mixed-use project.
The Crosswinds at Livermore will bring retail, restaurants, a hotel and auto dealerships to the Tri-Valley, Republic said.
Republic plans to seek final approvals from the city by the end of May. If all goes well, construction will begin by year’s end, with completion by late 2017.
The plan includes space for a 125- to 175-room hotel and 100,000 square feet of retail space reserved for one to two big-box stores. Another 30,000 square feet is slated for 40 or so smaller retail and restaurant spaces, some freestanding and others in a strip. The site is also set to include three to five acres of auto dealerships.
The site is located at highway I-580 and El Charro Road near Livermore’s San Francisco Premium Outlets, which Republic’s senior vice president of forward planning Kelly Erardi sees as an advantage.
“The outlet is a regional draw and we want to do a combination of projects that complement that, and maybe provide some uses that are missing,” he said.
Though Erardi wouldn’t comment on how much Republic paid for the property, he said the company plans to spend around $25 million on construction, not including any improvements that may be warranted once the spaces are leased.
Republic has signed a listing agreement with Newmark Cornish and Carey, which is currently marketing the site to potential tenants. Josh Shumsky, one of three Newmark agents working on the project, said they’ve already garnered a good amount of interest in the project and will announce tenants as plans are finalized with the city.
Erardi also said that several hotel chains are interested in the space, but specifics won’t be available until plans are finalized.
This project hits the Tri-Valley at a time of significant growth in the area. The area’s total population has grown by more than 20 percent since 2001, and owing to an attractive business climate, “population and employment are both growing faster in the Tri-Valley than in the broader region,” the Bay Area Council noted.
The region is also addressing infrastructural demands to keep up with this growth, including an $8 billion plan to expand public transportation and foster traffic relief along I-580, which voters passed in 2014.
“We are excited about the opportunity to bring one of our signature landmark developments to the Tri-Valley region,” said Michael Van Every, CEO of Republic. “The city of Livermore has been at the forefront of the region’s economic growth and prosperity making this an ideal site for our company to develop.”
Republic is well situated to develop in the midst of this kind of growth. In 2015, the company won the rights to develop 10 acres of BART-owned land around the Milbrae station, proposing a $300 million mixed-use project that would bring 300 apartments, 30,000 square feet of retail, a 110-room hotel and 140,000 square feet of office space to the area. The project is still waiting on approvals.
Republic has also developed award-winning real estate projects ranging from land development to adaptive reuse to shopping malls and has developed and invested in property transactions totaling over 17 million square feet with a value in excess of $4 billion.