San Mateo — A large mixed-use office and residential development in downtown San Mateo is booming with the purchase of several properties needed for the project.
Windy Hill Property Ventures has purchased 11 lots in downtown San Mateo for the proposed development, according to a deed of property filed with government officials.
In about five weeks, Windy Hill Property paid $44.7 million for the site, with most of the purchase completed this month, documents posted to the San Mateo County Registrar’s Office show.
According to a planning set filed with city officials, these properties are located on the downtown San Mateo Block bounded by East 3rd Avenue, South Delaware Street, East 4th Avenue and South Claremont Street.
The development, now known as Block 21, will consist of a single six-story building containing both residential and office space.
Block 21 will be a six-story building and will contain 111 residential units and a total of 179,600 square feet of offices, the city plan set shows.
In the latest purchase, completed on August 2nd, Windy Hill Property Ventures paid $30.4 million to acquire eight parcels.
Prior to the transaction, Windy Hill Property paid $9 million for one parcel on July 29 and another $5.3 million for two parcels on June 30.
At the time of the most recent purchase, Windy Hill also had a $29 million loan from Acore Capital Mortgage, according to county real estate records. 11 parcels became collateral for the loan.
According to the company’s website, “Windy Hill Property Ventures is known for its intentional proximity to investment properties in both the multifamily and commercial markets.
Real estate executives Tod Spieker and Jamie D’Alessandro co-founded Windy Hill in 2005, the company’s website says.
According to the Windy Hill Property Ventures site, “We are focused on San Francisco and Greater Silicon Valley.