The 6.4-acre mixed-use development under construction at the intersection of Oak Grove Avenue and El Camino Real has been taken over from Greenheart Land Co. by Presidio Bay Ventures, a commercial real estate investment firm.
The development, which occupies most of a city block, is set to have 183 one- to three-bedroom apartments, two 100,000-square-foot office buildings, and a two-level underground parking garage, plus retail and restaurant spaces.
Presidio Bay Ventures took over strategic operations for the property in June and renamed it Springline. It was previously called Station 1300, a name derived from its proximity to the Menlo Park Caltrain station and its address, 1300 El Camino Real.
"This development will become the heartbeat of downtown Menlo Park; a truly magnetic destination oasis that draws people in," said K. Cyrus Sanandaji, managing director at Presidio Bay Ventures, in a September press release announcing the takeover. The firm added that it has retained Newmark Knight Frank, a commercial real estate advisory firm, to lead office leasing efforts.
While Presidio Bay Ventures has not announced any specific tenants for the Springline office, retail or restaurant spaces, it released a new website, springline.com, that describes a rebranded vision for the project.
The retail and restaurant spots are intended to supply a mix of offerings, such as a cafe, quick and healthy lunch spot, fitness studio, bar or pop-up. A central plaza could also host entertainment events or movie nights. A public dog park is also part of the project, according to a recent press release.
Among the amenities planned for apartment renters are a 24/7 concierge, cafe, wine bar, pool and spa, outdoor entertainment areas, a gym, kitchen and library lounges, and a pet spa. The site will also have a golf simulator with an entertainment lounge, according to the website.
Office buildings are expected to be completed this winter, and by the summer, the development is expected to open for its first office and retail tenants. Tenant applications will also begin to be accepted then, with the residential portion of the development opening up in winter 2021, according to the website.