This week, the Hercules Redevelopment Agency will break ground on the long awaited Sycamore Avenue Downtown
project. Despite construction coming to a halt for many cities across the Bay Area and around the county, the City of Hercules Redevelopment Agency
, due to strong fiscal management and planning, is able to move forward with this exciting project. Located just off of Sycamore and San Pablo, the first phase of Sycamore Avenue, called Sycamore North, will consist of 96 residential units and approximately 40,000 square feet of retail and restaurant space.
On Tuesday, May 12, 2009 at 3:00PM, the community is invited to celebrate with the City at a short ground breaking ceremony
. The ground breaking event will be held at the corner of Tsushima and Sycamore Avenue and refreshments will be served following the ceremony.
The project is primarily funded by the Hercules Redevelopment Agency, but also received grant monies from the California Housing Finance Agency (CalHFA). “Redevelopment is the driving force in this community,” says City Manager/Executive Director Nelson Oliva. “It’s because of Redevelopment that the City is able to move forward with Sycamore North and we are continuing to make progress on other projects such as the Intermodal Transit Center
and New Town Center
because of redevelopment.”
Plans for Sycamore North consist of three distinct architectural components: a for-sale residential component, a rental residential component, and a retail component. The residential components will be located on the upper floors of two contiguous buildings, joined at the center by a plaza and tower. Seventy five residential units will be affordable housing and twenty one for sale units will be sold at market rates, with no distinction in quality or finishes between the affordable and market rate units.
As for the retail component, the City of Hercules has partnered with Main Street Property Services, Inc.
(MSPS) to secure a selection of local and regional retail and restaurant tenants that will create a vibrant retail street in Hercules. Founded in 1997, Main Street Property Services, Inc. of Lafayette, California is a premier retail real estate services company providing the highest level of specialized leasing, project positioning, remerchandising, development, marketing, and tenant representation services for retail property owners, investors, tenants, and municipalities throughout Northern California. Main Street Property Services, Inc. provides clients with first-hand knowledge of activities and transactions throughout the retail real estate industry.
The development process has been managed for the City by Equity Community Builders, a San Francisco-based developer recently responsible for the Lodge at Cavallo Point, the David Brower Center, and the Ed Roberts Campus. The design team is led by WRT Solomon-ETC; construction of the project will be managed by Oliver & Company.