Federal Realty Investment Trust, the owner of the Santana Row mixed-use development, is moving towards the construction of a new project that would bring 258 units of housing to the development area. The project, which would be located at 358 Hatton Street, would create a brand new market-rate housing complex catering to younger tenants.
The units will average lower bedroom numbers and square footage than the surrounding area, with 95 studios, 131 one-bedroom units, and 32 two-bedroom units. The combination of the smaller-sized units, tailored building amenities, and nearby commercial proximity is part of how the property is being built for and marketed to younger professionals.
Santana Row Development Plan With 358 Hatton Street Outlined, image via Federal Realty Investment Trust
BDE Architecture’s design of the property will include a five-story grey and tan façade with modern wood elements. The building will include outdoor common areas for a courtyard and pool. The building aesthetics are complementary to the larger development area.
358 Hatton Street Poolview Rendering, image by BDE
The area around the project has extensive commercial access. Santana Row itself includes a large number of shops and restaurants, and the project is also a short walk from the Valley Fair Mall. As a result, the future property would have day-to-day walkability for everything from basic needs to entertainment. For employment, future residents would be mostly reliant on vehicle transportation, but with good access to nearby 280 and 880 freeways.
The project has been part of Santana Row’s development plan for years but is now making more rapid headway. Usage of the current site as a surface parking lot is to be closed and a construction perimeter established. Federal Realty’s representatives are optimistic that the groundbreaking of the project could occur within the next several weeks. Project estimates are approximately 26 months long, with a tentative completion date in mid to late 2027.
358 Hatton Street Current Lot, image via Google Street View
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Good. I was wondering why this parking lot was not yet converted to either housing or a multi-level parking lot.
The target market of so-called “younger professionals” — most of whom are newly-arived — who have enough money to pay top-tier rents but not enough to purchase their own property is exactly the part of the labor market currently being hollowed out by AI-driven job destruction. If you want supporting evidence, see the development by the Irvine Company called Santa Clara Square on the other side of Route 82.
It will become obvious before this project breaks ground that if it were completed, the finished units will sell for well below the amounts estimated in the developer’s pro forma and for that reason, I don’t expect it to be started. But if it is completed, the developer will have figured out some way to place the loss on a lender.
I fear you are probably right. Many jobs expected for this young professional class in the South Bay are not only casualties of AI – they largely being offshored, likely a greater impact than AI.
Who do you think is living in Santana Row now? It’s mostly millennials definitely not gen z. Many tech genz cannot afford rent here and often leave a year later. In fact 70-75 percent leave California all together.
The parking at SR has gotten crazy. All of the lots would get filled and the thing that sucks is that employees are also sharing the same parking garages as customers. Because they shut down the employee lot to build a new complex, employees are now struggling to find parking just for their shift. SR should be treating their stores and employees better instead of trying to make more money.