The long-awaited redevelopment of the College Terrace Centre, which had trouble securing financing until recently, is slated to begin this spring, funder Canyon Capital Realty Advisors has announced.
The former site of JJ&F Market and The Futon Shop will be developed into office buildings. Photo taken January 30, 2014 by Veronica Weber.
The plan won City Council approval in December 2009 after months of public scrutiny, with residents rallying to keep the beloved JJ&F Market market while opposing dense development. But the center languished during the recession, and funding became difficult to secure, city officials said last year. To keep the project alive, the city granted developer Twenty-One Hundred Ventures an extension on its building permits.
But during that time, the grocery store, which gained new ownership in 2011, struggled to survive. The store, operated by the Khoury family, closed in September 2013, after its lease was up. Twenty-One Hundred Ventures did not offer them a lease in the new development, family members said.
Canyon Capital Realty Advisors has made the loan to construct the center, which will be a two- and three-story development with underground parking on 1.4 acres, one block from the Stanford University campus.
The separate residential building will have ample on-site parking, Canyon Capital executives said.
"College Terrace presents a unique opportunity for Canyon Realty to invest in one of the most coveted addresses in the Bay Area," Marti Page, director at Canyon Realty, said. "The development's proximity to Stanford University and the Stanford Research Park provides a dynamic environment for prospective retailers and office users."
Construction is slated to begin this spring and end in August 2015. Carrasco & Associates of Palo Alto are the architects.
"We ... are very excited about the retail and commercial opportunities that the completion of College Terrace (Centre) will bring to the area," developer Shawn-Patrick Smailey said.