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Business & Tech

Plaza Counts on Strong Rental Market

First phase of the Pilgrim-Triton project will bring 307 residential units with luxury appointments to Foster City.

Workers are busy converting an industrial district past its prime into a luxury residential complex with 17,000 square feet of dining, retail and office space.

A project of the Sares Regis Group of Northern California, The Plaza is the first phase of the 21-acre Pilgrim-Triton area, bordered by the Canal, East Hillsdale Boulevard and Highway 92.

With 307 residential units, the Plaza will feature a Zen garden, state-of-the-art fitness center and spa, and outdoor kitchen.

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Upon completion in 2013, the development “will be very positive for our city,” said Mayor Linda Koelling. Its close proximity to the freeway means easy access to universities, the airport, and commute to both Silicon Valley and San Francisco, she said.

Prices have not been set, and those in real estate will watch to see what the rental market will bear by The Plaza's finish date.

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The rental market is "extremely hot right now," said veteran Sotheby's real estate agent Jim Minkey. "But it's going to get to a point where there's critical mass, and people will start saying, 'heck no I won't pay $4,000 a month for a two-bedroom apartment.' "

But Minkey predicted the units will enjoy a high tenant demand.

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