It’s All About Real Estate in Marin

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The debate over how much housing should be included is being had at high-volume levels with some advocates arguing for more units and others for less housing.
marincounty

Bowling in Marin may end up a gutter ball as Country Club Bowl could be demolished in favor of building apartments.

Then there’s the Northgate Mall, where the ghost of retail past may be replaced with housing.

Finally, Hamilton Marketplace has changed hands in a $67 million transaction.

Country Club Bowl in San Rafael’s Canal District has stood for years as a prime example of a business that seemed to be a fish out of water. Located off a frontage road stocked with high-end car dealerships in a county that prides itself on sophistication and culture, the bowling alley is a holdover from a less pretentious time. Country Club is the only place in Marin where those wishing to hit the boards and bowl a few frames can do so. But the bowling palace was red-tagged in July due to structural issues with its roof. The owner, Charlie Kintler, is weighing the cost of bringing the alleys up to code versus selling it to be redeveloped for housing.

A proposal to convert the property to market-rate apartments has been discussed in the past and a formal plan was brought to the city in April but hasn’t advanced.

This represents the rare chance where heavy balls and used shoes may go on sale at the same time.

A few exits to the north, the fate of Northgate Mall is being booted about by its owners Merlone Geier Partners, as well the Marin Environmental Housing Collaboration, Marin Organizing Committee, Responsible Growth of Marin and Sustainable San Rafael. Also, the NFL, NASA and the Committee for Organic Growth Via Social Equity and Discount Shopping.

Okay, that last trio was tossed in for fun.

This is to say nothing of San Rafael’s city council. The city is on the spot via the state to provide the opportunity to build 3,220 housing units by 2031.

After Melone’s initial concept of bringing in Costco to the space formerly occupied by Sears, (“Where America Shops” until it was bought by a hedge fund) was roundly rejected by the public. The new model calls for tearing down the Sears building as well as Home Goods and building 911 units including 96 affordable units and some retail beginning in 2025.

Another phase would involve demolishing the buildings housing Macy’s and Kohl’s and the construction of 409 more residences, more retail and a town square. But that wouldn’t happen until 2040, so those of you looking for everything-must-go sales have plenty of time to plan.

The debate over how much housing should be included is being had at high-volume levels with some advocates arguing for more units and others for less housing. Arguments over parking, traffic and affordability are also deeply in play. Height is another issue as some of the proposed projects could be five stories.

Arguments over planting native species are set for 2036, again just kidding.

The project’s next step would be the development of a formal environmental report.

Hamilton Marketplace, which contrary to rumors wasn’t named after the musical, was recently sold by Grosvenor Americas to the public the pension fund Iowa Public Employees Retirement System. It isn’t unusual for a pension plan to own a large retail asset. The California Public Employees Retirement System at one time owned 50% of The Village at Corte Madera.

Hamilton Marketplace is 100% leased with Safeway as its anchor. The strip center is home to Pet Food Express as well as Peet’s and several local retailers and restaurants including Toast and Super Duper Burgers.

Your Marin moment

Dr. Tom Peters is one of a kind. Peters, who headed up the Marin Community Foundation for 22 years, has retired and he deserves a proper send-off.

Because magazines are prepared in advance, this is my first opportunity to wish him well since he pulled the pin. Peters grew the MCF from $60 million in donor assets to $2.6 billion. But those are just numbers.

Peters’ work shaped this place. His efforts gave voice to those who could not be heard and hope to those who had little. His labor made Marin a more human place. His style was to stay in the background, quietly making change by doing what he did best, connecting with people.

I’ve been fortunate to meet many accomplished folks in my years as a journalist, from senators to Super Bowl champions. But no one brought the combination of intellect and heart on a daily basis like Peters. When our paths crossed on stories, he was generous with his time and insights, and I always left those conversations a better person.

Most of us strive to do our best and help people. Peters succeeded in that noble pursuit. I wish him the best in the next episode of his adventure.

Bill Meagher is a contributing editor at NorthBay biz. He is a senior editor at The Deal, a digital financial news outlet based in Manhattan. Happy Thanksgiving.

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