Development permits were submitted, anticipating the approval of an apartment building on 2239 Wellesley Street in College Terrace, Palo Alto. The project proposal includes constructing twenty-four units in a three-story apartment building on two adjacent lots at 2239 and 2241 Wellesley Street. The new construction, Wellesley Housing, will replace the existing two single-family homes. The project proposes thirteen studios and eleven one-bedroom apartments in the building that will rise to a three-story height.
Lowney Architecture is managing the design concepts and construction of the housing project. Affiliated with Baker Street Advisors, the San Franciscan developer Cato Investment Company is developing this residential project to tackle the housing crisis in Palo Alto, which could be attributed to a high job-to-housing ratio. The developer hopes to serve people making 80 percent to 90 percent of the area’s median income.
Once approved by Palo Alto officials, the twenty-four unit development would be seen at the corner of Wellesley Street and College Avenue in Palo Alto. The location is close to a grocery store, restaurants, and retailers. A Caltrain stop and Stanford University are two blocks away.