The Redwood City Planning Commission on Tuesday approved a 7-story, 125 unit housing project just outside of downtown Redwood City at 353 Main Street. The project will stretch 2 stories higher than the adjacent Township Luxury Apartments, and will take the place of an existing 1-story office strip.
353 Main will include 19 units of below market rate housing, fulfilling the city’s 15% requirement for new residential development. Also, since the project will offer 7 units to families earning less than half the area income ($60,000/year for a family of 4), it will qualify for a state density bonus allowing the building to increase its size to 143 total units. Those 7 units are expected to rent for $888/month.
All of the below market rate housing will be retained as such for 55 years after occupancy
Commissioners requested the Developer, ROEM Development, make 20% of the units BMR and maintain the housing protections for 99 years, but they did not mandate it. As such, the those conditions will not likely be met.