REDWOOD CITY, CALIF. — IQHQ, a private life sciences developer and owner with offices in San Diego and Boston, has purchased a “shovel-ready” development site in the Bay Area town of Redwood City that is fully entitled for mixed-use. The firm plans to develop Elco Yards, a project that will feature four life sciences buildings and two residential communities, as well as green space open to the public.
The four office buildings will span 600,000 square feet and include laboratory, meeting and research and development space. The buildings are designed to meet LEED Gold standards.
“Elco Yards represents an iconic project in a thriving life sciences market with a proven track record of attracting top companies and diverse talent,” says Steve Rosetta, CEO of IQHQ. “We are excited to advance this project, which is fully entitled and well-positioned to address the unmet demand for premier lab space in the Bay Area.”
The multifamily portion will include two communities totaling 540 units. IQHQ is partnering with Charleston, S.C.-based Greystar for the residential component, which will feature 147 income-restricted units, according to Redwood City Mayor Diane Howard.
“We look forward to Greystar’s continuing involvement and the creation of much-needed housing in Redwood City,” says Howard.
Elco Yards will be situated on eight acres in downtown Redwood City, which is roughly 26 miles south of San Francisco. The project will provide direct access to San Francisco Bay and several transit options that will connect tenants to San Francisco and San Jose among other Silicon Valley markets.
In addition to the life sciences and multifamily residences, Elco Yards will feature one acre of outdoor space and several open space options. Future plans for Elco Yards include a landscaped pedestrian and bike path along Redwood Creek that would extend from El Camino Real to Lathrop Street.
Elco Yards represents the first large-scale life sciences campus in downtown Redwood City, according to IQHQ. Redwood City is home to several global firms such as photography products giant Shutterfly, video game company Electronic Arts, data center owner-operator Equinix and meat alternative brand Impossible Foods.
IQHQ plans to break ground on Elco Yards in the first quarter of 2022. The purchase price for the land and development costs for the project were not disclosed.
IQHQ’s holdings in California and Boston, including the $1 billion Fenway Center project the firm is co-developing with Meredith Management. IQHQ also owns properties in the UK.
— John Nelson