For years, San Mateo resisted dense housing downtown. But a proposed 14-story tower signals change.
Real estate firm Mecah Ventures plans to replace a row of small businesses at East 4th Ave. and El Camino Real with a 236-unit apartment building, according to a city application. It's one of several projects adding thousands of homes since last fall, when voters approved taller, denser housing downtown and along El Camino.
Founder Mike Field says the tower’s amenities will feel like a high-end hotel, featuring an indoor movie room, golf simulator, spa and gym. The project targets empty nesters who want to stay in San Mateo. Homes here cost at least $1.6 million and often reach $4 million, but luxury rentals downtown are scarce.
Named 4th and El Camino, the building's units will lease for $3,000 to $5,000.
“You could probably rent one of our units for less than the property taxes on a home you just sold,” he said.
Field, who has several San Mateo projects, expects more housing proposals after Measure T passed with 59% voter approval last fall. It allows taller residential buildings near Caltrain stations, El Camino and Highway 101.
“For a long time, density was bad,” Field said. “That pushed out people more likely to use transit, downtown restaurants and amenities. And these downtowns started to die.”
Measure T spurs new housing in San Mateo
Now, developers and investors are moving in with plans for housing, restaurants and entertainment. San Mateo’s community development director, Zachary Dahl, said eight new proposals totaling about 3,000 homes have been submitted since updated general plan took effect in December.
“The passage of Measure T opened the doors for new housing in San Mateo,” Dahl said.
Field said he is working with the longtime property owner on East 4th Avenue, who says maintenance has become too expensive. Field plans to lease the land long-term to develop the project. He liked the site because it’s just a five-minute walk to Caltrain and next to the nearly 17-acre Central Park.
The project will have 80 studios, 136 one-bedroom units and 20 two-bedroom units. It will also include space for a restaurant or high-end retailer and almost 108,000 square feet of offices. It's being designed by the firm Arc Tec Inc.
Field is building 36 units for low-to-middle-income households, allowing him to qualify for more units under the state’s density bonus law.
First, he expects to hold neighborhood meetings. It could take months before the project goes before the planning commission.
Field was already one of the city’s most active developers. Now, he expects others to follow.
“You’re going to have much more multifamily construction because of the changes to the general plan,” he said. “I think people are ready.”
