SyRes Properties, LLC - the company that owns Redwood City's defunct Century 12 Theater - recently submitted plans to redevelop the 15-acre property into 336 residential units and a 100,000 S/F luxury sports club. This is a revision of a plan they submitted to the city last year which originally proposed 550 residential units. At the time, city officials told SyRes that 550 units needed further review and would require the land the be rezoned for high density development. Previous attempts to redevelop the land into rental units and auto dealerships have all fallen through.
“We've received a revised application and it's currently considered conceptual at this point", said Lisa Cost-Sanders, the city planner assigned to the project. "We'll be providing the developers with additional comments and will be restarting the Environmental Impact Report process shortly.”
SyRes is the real estate branch of the Syufy family, who are known for their chain of Century Theaters. In recent years however, the family has begun redeveloping their older cinemas into luxury VillaSport athletic clubs, as they are in the process of doing with an old theater in San Jose, and are currently hoping to do in Redwood City. They currently operate three active VillaSports in Texas, Colorado, and Oregon, with single adult monthly dues ranging in price from $92 - $138 (expect that to be higher at Bay Area locations).
Other than serving as extra parking for neighboring auto dealerships, the property formerly occupied by Century 12 Redwood City has remained mostly vacant since the theater closed in 2003. Should the recent SyRes proposal pass, it will become the second major development along Redwood City's bayfront, with One Marina Homes just a stone's throw away. However, even with the reduction in proposed residential units from 550 to 336, this project is sure to be put under heavy scrutiny by city officials for it's potential to further congest the Highway 101/Whipple junction. It also comes at a time when city hall is facing growing pressure from the community to put the brakes on development.
This proposal is by no means a slam dunk for the Syufy family, who have had no luck getting anything approved for their property at 557 East Bayshore. Stay tuned to our blog for further updates on this project.
