Business & Tech
Novato North Redwood Corridor from the commercial real estate viewpoint
The North Redwood Corridor is a hot topic that has been discussed by the public and the city. Here is what commercial real estate agents have to say.
Commercial real estate brokers speak up about North Redwood Corridor development
The issue of the North Redwood Corridor continues to generate conversation. The public and city have talked about it for a long time. Questions about what businesses will go up in the vacant land and are far from over. This is the first in a series of articles on the North Redwood Corridor and parties who have an opinion on this hot topic.
Head North on Redwood and once you cross Olive and The Village shopping center with Trader Joe's and Starbucks, the development stops. There is a large field. This field and the shopping center is owned by ROIC, Retail Opportunity Investments Corporation.
Beyond the field are a few properties including the large, corrugated factory building known as the Dairyman's Mill. Over at Cassidy Turley, commercial real estate broker Steven Leonard said these properties are in contract to be bought by ROIC.
“With ROIC buying it (our properties) this adds continuity for the future development of the existing ROIC site and the Dairyman's Mill site, which is what the city wanted to see,” Leonard said.
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Over at the commercial real estate company of Sperry Van Ness, managing director John Williams is also the Chair the City of Novato Economic Development Advisory Commission.
With the city having lifted the moratorium on building, “the city is very enthusiastic about the last remaining large parcel of land that can accommodate retail and generate sales tax revenue for the community,” Williams said.
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He explained that in September and October the public took advantage of the opportunity to weigh in with their design ideas on developing the North Redwood Corridor area.
“We had two public charrettes (design meetings), one of them for six hours to get public input and we had a follow up that was another three or four hours where volunteer architects and landscape architects drew up sample designs of what could go there,” Williams said.
“The city has to now allow the applicant to come forward with a proposed design for the property with the public input in mind.”
What type of retail businesses would you like to see in the North Redwood Corridor?
