1. Because the City of Fremont Wants You To
Consider it an open invitation to you, from the City of Fremont. The City has a vision to build a vibrant downtown with new businesses and development, and to reward you, they have lowered the development impact fee by 50% for the downtown area (10% reduction in impact fees citywide), and they only collect impact fees at the time of occupancy, rather than at the time of building permit issuance. The Fremont Downtown Community Plan is focused on the area of approximately 110 acres that is located in central Fremont and bounded by Fremont Boulevard, Mowry Avenue, Paseo Padre Parkway, and Walnut Avenue.
What the City wants is a bustling Downtown area. The Downtown plan lists that there are 5.2 million square feet of land for development potential, including 500K for new/reconfigured commercial/retail development, 2M for office development, and 2.5M (2,500 units) for residential development. That is a lot of land. Now mind you, the City is also committed to keeping open spaces for the public. One goal is to make this area a pedestrian-friendly center of activity, so the environment-friendly attitude isn’t going anywhere.
So, Downtown is not the only place that would like redevelopment…say hello to another opportunity to build in an area called the Warm Springs district (South Fremont). Here’s the strategy: create a modern employment hub where people can live and work. There’s 850 acres available, and you can expect the community plan to include a variety of uses, such as employment and commercial use, and residential development. But why this is especially important is because of the next reason.
2. The Warm Springs BART Station
A new BART(Bay Area Rapid Transit) station is coming to the Warm Springs district of Fremont in 2015–hence the desire to build around it. There’s a huge push to create an environment where people can actually take the BART, get off at the Warm Springs station, and walk to work without pulling their hair out in frustration. Actually, the City refers to this as “Transit Oriented Development,” which will be employment focused, and leveraged as the only Silicon Valley station connected to a major jobs center. The demand for jobs in Fremont is expected to increase 48% by 2035–which means that the demand for development of land for employment, residential, and commercial use will grow significantly. In May, Union Pacific Railroad put 109 acres located in the Warm Springs district on the market.
3. Location, Location, Location
Just being located in Silicon Valley is great, but to be somewhere in Silicon Valley where it’s not so crowded and there is a lot of room for development, is even better. Fremont is between San Jose to the south and Oakland to the north, and is close to major highways and airports. And businesses want to be in Fremont–look at Tesla, the electric car company, and other companies such as Boston Scientific, Seagate, Solaria, and Thermo Fisher Scientific. Fremont was ranked number one for technology start-up businesses per capita–there are 21 for every 100,000 residents. Growing industries in Fremont include the electric vehicle industry (think Tesla), high-tech and informational technology, green technology, biotechnology, and medical industries.
4. Population Growth
Fremont is the fourth largest city (fourth most populous) in the San Francisco Bay Area, and it’s only going to grow as more jobs and housing are added. It’s also the place for a highly-skilled workforce–49% of adults hold a Bachelors, Graduate, or Professional degree, with the average household income being $114,684. And with more people comes the need for more development, such as housing and schools.
Isn’t it great when cities have public meetings about city issues? Even better are the comments compiled from such meetings. An Open House and Public Information Meeting held in May concerned the Community Plan for the Warm Springs area. A lot of comments were about schools–specifically, the need for more. Fremont is known for its good schools, and that is not surprising, given the highly educated population who may want the same for their children. And so many comments from people revolved around the need for more school as development increases in the Warm Springs area.
One person said this in a written comment, “How will the new WS development plan handle the already overloaded schools in the area? We NEED MORE SCHOOLS!!”
Anyone interested in developing schools?
There are places in the Bay Area where you have to fight for a parking spot. But not usually here in Fremont, as there is a lot of parking available and it is often underutilized. The city is also moving to make the area more bike-friendly, and also with the arrival of the new Warm Springs BART Station, more pedestrian-friendly.
Well, there you have it–five good reasons to develop in Fremont. To search for sale or lease of property available in Fremont or another city in the Bay Area, go to http://www.siliconvalleyonline.org/site_search