According to a recent article in The Mercury News, some Bay Area workers may be able to significantly cut down the time spent commuting thanks to a recently proposed project.
Realtex, a local real estate developer, is in the early stages of developing a single 13-story building that will combine office space with studio apartments in San Francisco’s SoMa neighborhood. While this building, located at 4th and Bryant streets, would be the first of its kind in the Bay Area, the article reports that this could mark the beginning of a new trend in real estate.
With roughly 25,000 square feet of the building projected to be used for office space, Realtex is planning to create 400 small apartments in the same building. Though each individual apartment will be equipped with simple kitchens and bathrooms, the site will include large communal kitchens and lounge areas so residents can enjoy these amenities while taking advantage of a lifestyle that does not require a lengthy commute to work.
The article also states that Realtex CEO Cody Fornari plans to include additional amenities like a theater, gym, restaurant, or market to create an all-inclusive site that satisfies residents’ every need. Fornari was quoted in the article, saying, “We’re trying to put forward a very innovative approach to what we think is a big need… There’s a lot of people who are commuting two hours on Google buses.”
As of right now, Realtex is considering leasing the entire building to a single company who can use the space to attract new hires, but the grand-opening of course will not take place for at least several years. Realtex is currently in contract to purchase the three parcels that would make up the site together, while simultaneously working on its first permit application to the city. Assuming that Realtex begins work over the next two to three years, we can expect the first residents to move in at least five years from now.