Groundbreaking ceremony to take place December 4th
San Jose, Calif., (November 25, 2019) – Republic Urban Properties, a leading transit orientated, mixed use property developer in the Bay Area, and Principal Real Estate Investors, a global investment management firm, announced their formation of a partnership that will finance, construct, and own the residential and office components of the Gateway at Millbrae Station development.
The Gateway at Millbrae Station development is considered one of the largest transit-oriented developments 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, Gateway at Millbrae Station, with its proximity to the Millbrae BART and Caltrain stations, will be a model for integrating housing with vital access to public transportation.
Michael R. Van Every, President/CEO, Republic Urban Properties said, “Gateway at Millbrae Station promises to be the new standard for revitalizing transit stations by increasing ridership while increasing revenues and creating much needed affordable housing and jobs for the City of Millbrae and San Mateo County.”
Republic Urban Properties has a history of developing transit-oriented projects in the Bay Area including TOD projects in Santa Clara County which include BART at Berryessa Station and VTA/Caltrain at Tamien Station. Republic Urban Properties is known as a national leader in providing critical housing and economic development to Bay Area transit centers.
“We look forward to a long-term partnership with Principal Real Estate Investors, as we work to transform the Gateway at Millbrae Station development into a vibrant transit village that will become a landmark for the City of Millbrae and the Bay Area,” said Richard L. Kramer, Chairman of the Board, Republic Family of Companies. “With its proximity to public transportation and the San Francisco International Airport, Gateway at Millbrae Station promises to be the future of development as we work to house more people while also taking cars off the road.”
“Gateway at Millbrae Station is an ideal development because of its integration of public transportation,” said Jeff Uittenbogaard, Investment Director, Principal Real Estate Investors. “The project’s mix of office, housing, and retail will create a very vibrant environment.”
With Bay Area Rapid Transit (BART) acting as a partner, through their ownership of the land on which Gateway at Millbrae Station will be developed, there was an even deeper commitment to the idea that the development be focused on public transportation and public service. The public service component came to fruition through the addition of 80 affordable housing units prioritized for veterans.
“BART’s Transit-oriented development helps the Bay Area address two of its greatest challenges: worsening traffic congestion and the lack of affordable housing,” said BART Board President Bevan Dufty. “We commit to working with all of BART’s stakeholders to develop vibrant, complete communities with housing, jobs and transit access.”
“With the Bay Area housing crisis pushing so many of our veterans out of the communities that raised them, Gateway at Millbrae Station will ensure that 80 of our bravest get the opportunity to finally have a place to call home,” said Mike Conklin, President, Sentinels of Freedom. “I would like to thank the BART Board of Directors, Republic and Principal Real Estate Investors for their commitment to those who have served our nation.”
On Wednesday, December 4, 2019, after years of community input and conversations with regional stakeholders, Gateway at Millbrae Station will break ground.
To celebrate this historic occasion, Republic Urban Properties, in conjunction with their partners, Principal Real Estate Investors, and Bay Area Rapid Transit, will hold a groundbreaking ceremony from 11:00 AM- 1:30 PM at the Millbrae BART Station parking lot.
About the Republic Family of Companies
Republic encompasses several operating companies including Republic Properties Corporation, Republic Urban Properties LLC, ReMet, and Republic Land Development.
Republic is a privately owned, full-service real estate investment, management and development enterprise.
For the past 40 years, the Republic Family of Companies has developed real estate ranging from historic adaptive reuse, multifamily apartment developments, office projects and urban, retail and regional and specialty shopping malls. It has developed over 27MM square feet with a value in excess of $7 Billion dollars.
Additionally, Republic currently has over $2 Billion of new projects under construction and development in the Washington, D.C. SMSA, the San Jose/San Francisco/Silicon Valley (which are recognized in the top five commercial and residential markets in the Country) and other major markets on a National basis in addition to millions of square feet in our development “pipeline”. In addition, Republic is working on several multi hundred million-dollar projects in major cities around the United States. Republic has specialized in over 35 private/public sector projects and partnerships over the last 40 years, as part of its various real estate activities, and has been involved in the development or re-development of a wide range of signature and monumental commercial properties, including Washington Harbor, Market Square, Republic Square I and II, the Ronald Reagan Building (over 3 million square feet) on Pennsylvania Avenue, the second largest building in the United States (developed by principals of Republic) and the Portals, a 3MM square foot project, including the Mandarin Hotel in Greater Washington, D.C. with an aggregate market value in excess of $2 Billion.
For more information: www.republicfamilyofcompanies.com or www.gatewayatmillbraestation.com
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $85.7 Billion in commercial real estate assets (as of September 30, 2019). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
For more information: www.principalglobal.com
Republic Millbrae LLC
Rolando Bonilla, (415) 987-8025