FREMONT — Hundreds of homes, many of them affordable, could sprout on a prime Fremont site occupied by a big office complex a few minutes from a BART station.
The housing project would be built at 3440 Walnut Avenue, located in the central district of downtown Fremont, plans on file with city planners show.
3440 Walnut Avenue in downtown Fremont’s central district, shown within the outline. Boundaries are approximate. (Google Maps)
The development would produce 336 new housing units, according to the project plans. The development site is near the corner of Walnut Avenue and Liberty Street about a mile from the Fremont BART station.
Here are the potential types of housing that could be built as part of the 336 proposed units:
— 216 townhouse-style condominiums, including three- and four-story structures.
— 118 affordable apartments, including 92 for low-income households and 26 for very-low-income households.
Two manager’s units will bring the total to 336 residences.
The project envisions the demolition of the existing office building.
Brookfield Properties has proposed the development. Wells Fargo owns the project site.
“The property offers residents a transit-oriented and pedestrian-friendly community in the heart of the Bay Area,” states a marketing brochure circulated by JLL, a commercial real estate firm.
The site is near Fremont Hub, a shopping and restaurant center whose anchor merchants include Safeway, Target, CVS, Ross Dress for Less, Michaels, Staples and Dick’s sporting goods.
The development property is also near Gateway Plaza, whose anchors include Raley’s market, Walgreens, Philz Coffee, Peet’s Coffee, and 24-Hour Fitness.
Whole Foods Market and Trader Joe’s are a few blocks away.
The residential sector in Fremont has strong fundamentals, in JLL’s view.
“Fremont’s residential market surged over the last three years,” JLL stated. “Average multifamily rents for Class A product increased from $2,555 to $3,060” a month, the brokerage added in the brochure.
