One of Palo Alto’s life-sciences buildings could give way to hundreds of new homes, as Strada Investment Group moves forward with a plan to remake 3350 West Bayshore Road in the Palo Verde neighborhood.
The developer has filed a preliminary application to demolish the existing lab building and replace it with a 286-unit residential project just off U.S. Highway 101. Plans call for a single eight-story apartment building with 261 rental units alongside 25 three-story townhomes for sale. The proposal follows on the heels of another recently approved Strada townhome project in Palo Alto, signaling the company is not exactly dabbling in the local housing market.
What the Filing Says
The preliminary application landed on May 1, and Strada now has 180 days to submit a full application, according to Palo Alto Online. The project is being processed under the state’s Housing Crisis Act (SB 330), which imposes strict timelines on how long the city can take to review the proposal.
Early project documents indicate that Strada is seeking allowances tied to those state rules to speed up permitting and streamline public hearings. In other words, the developer is trying to keep the process on a tight, predictable schedule rather than an open-ended slog.
Who Owns the Site Now
Strada purchased the roughly 60,000-square-foot life-sciences building on the site late last year, and the property is currently leased to biotech and chemical manufacturing firms, The Real Deal reported. The preliminary packet states that the existing structure will be demolished to clear space for the new residential buildings and landscaping…