Plans to redevelop Downtown Redwood City took a major step forward today with Lowe's acquisition of the Sequoia Station Shopping Center, according to a press release.
Lowe, a real estate investment, development and management firm, purchased the off-market property from owner Regency Centers Corporation for an undisclosed price, they announced on Thursday. The company is now seeking entitlements to transform the shopping center into a "modern mixed-use development as part of Redwood City’s proposed Transit District."
“This investment will help bring the once-in-a-generation opportunity closer to a reality,” said Alan Chamorro, Senior Vice President and Northern California Regional Leader at Lowe, in a press release. “With the redevelopment of Sequoia Station, Lowe, in partnership with affordable housing partner Eden Housing, now has a transformational opportunity to reimagine neighborhood retail and enable future rail and grade separation upgrades in Redwood City, creating a vibrant and walkable public realm that connects to Downtown and provides much-needed housing.”
The Sequoia Station Shopping Center is part of a larger project led by the city’s Community Development and Transportation Department to develop a 17-acre “Transit District” in Downtown Redwood City. With its proximity to Caltrain, the full Sequoia Station redevelopment, which spans 12 acres including six blocks of office, retail and residential spaces, as well as child facilities and public open space, proposes completely overhauling the existing transit and shopping centers.
According to the announcement from Lowe, the Regency's 6.65-acre portion of the property contains 103,000-square feet of retail. The shopping center borders Downtown and the local Caltrain station, and includes a Safeway and CVS. Both stores will continue to operate throughout the phased project and, once completed, will have brand new facilities and underground parking.
Because of its high ridership and potential connection to the Dumbarton rail line, the Redwood City Caltrain station was identified by Caltrain’s 2040 Service Vision Plan as the ideal location for a mid-Peninsula transfer hub. Roughly an acre of Lowe's property will be dedicated to an expanded Caltrain station with four tracks, amenities like bike parking and convenient pick-up and drop-off zones, and grade separations. The developers hope to facilitate safer connections between the bus depot, Caltrain platforms, the Downtown area and the city's western neighborhoods.
The mixed-use project will also provide two new housing developments with 254 affordable housing units and 377 market-rate units, a childcare center, and open space with a central plaza for public use and events.
More information about Lowe’s Sequoia Station redevelopment can be found at www.sequoiacentervision.com.
An earlier version of this story incorrectly stated the ownership of Safeway and CVS. The land that Lowe acquired does not include Safeway. To request a correction, contact editor@rwcpulse.com.
