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3/31/16
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A vacant, 3.34-acre parcel in the Bay Area city of Belmont was purchased by OTO Development for the development of a 170-room, four-story moderate service hotel. The site, which is located at 1401 Shoreway Rd in the master-planned Redwood Shores development, was sold by Nikon Precision Inc.
At the time of sale, the property was completely vacant and had never been previously developed, despite the surrounding Class B office buildings, 101 Fwy frontage and prestigious location. The planned hotel will include a business center, lounge and pool and will serve the significant demand created by a number of major business entities located in the Redwood Shores area including Nikon Precision, Oracle, Electronic Arts and the Sobrato Foundation.
Bruce Paris, of CBRE’s National Land Services group represented Nikon in the sale. According to Paris, the site, which is physically located in Belmont, is subject to the Redwood Shores Business Center commercial owners association regulations and required numerous non-governmental approvals to include architectural, massing, access and easement relocations.
“This was a very competitive opportunity, and we were able to generate seven qualified offers for this unique development site,” said Paris. “Ultimately, OTO’s offer, track record and plan to develop an SBC compliant hotel were seen as the most advantageous option for both Nikon Precision and the community,” said Paris. “With the majority of available development land on the Peninsula being consumed for high-density housing in recent years, it’s very unique to have a raw 3.34-acre development site present in the market. This well-conceived quality branded hotel will fill a significant void in the new home marketplace.”
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