The controversial Tarry Lighthouse project proposed for downtown Port Chester, N.Y., would be highly compatible with the district, the attorney for the developers said.

But Byram resident Al Shehadi disagreed, saying, The scale and bulk of this building is completely incongruent with the rest of downtown.

Ultimately, the Port Chester Zoning Board of Appeals shut down the project, voting 3-2 on Thursday night to turn down a request for six variances for the plan.

The plan had called for construction of a seven-story building with 242 apartment units and retail space on North Main Street, just blocks from the Greenwich border. It would have been built at the site of the now-closed Tarry Lodge, a once-popular restaurant, near the Mill Street bridge into the Greenwich neighborhood of Byram.

I feel the variances are substantial and will change the character of the neighborhood, said Evelyn Petrone, the ZBA chairwoman.

The development team was seeking six variances from the villages zoning code in the latest version of its plan. The project had been heavily criticized by Port Chester village residents as well as residents of the Byram section of Greenwich, who were concerned about additional traffic the project could draw as well as a change of community character.

Art D'Estrada, another ZBA member, said he believed the project would have been a detriment to nearby properties. The streets around the site are already choked with traffic, DEstrada said.

Greenwich residents and public officials had criticized the application by developer David Mann, saying traffic conditions would worsen along the Mill Street corridor in the Byram neighborhood.

The application had been under review for over a year-and-a-half. The planned construction, which would have called for tearing down a row of older buildings on North Main Street as well as the former Tarry Lodge, was first proposed in February 2019 as a nine-story project.

The latest version of the project had called for a variance to construct the seven-story building in an area that allows buildings of only up to six stories tall. Variances were also needed for a number of facade and design features that did not meet the village zoning code.

The attorney representing the developers, Tony Gioffre, said the project was highly compatible with the Port Chester downtown district and would add vitality to the community.

Shehadi, the Byram resident, said the building was too tall for the surrounding area, which are largely one or two-stories in height.

Adding traffic at one of the worst choke points in the village is going to add a detriment to all residents, Shehadi said, adding that would set a bad precedent for future development.

Connecticut State Rep. Stephen Meskers, who represents the Byram area, said that approval of the project would have created a more urban environment for the village. I dont know if White Plains is the model you want, but its your call for the character of downtown Port Chester, he said.

Traffic was also a major concern for nearby Greenwich residents, which also raised a safety issue, Meskers said.

Carol McMillan, a representative from an advocacy group called Sustainable Port Chester Alliance, said the project contributes virtually nothing to our community. She characterized the proposed building as excessively tall.

rmarchant@greenwichtime.com

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Port Chester project called a 'detriment to nearby properties' is rejected - CT Insider

Kanye West isnt exactly a trusted source of financial advice, but he has done very well for himself and is a very effective communicator. He recently tweeted this:

Mr. West brings up an interesting point. Like almost every other asset class, real estate investments have been hit hard by the COVID-19 pandemic. In fact, in a June survey of more than 340 real estate investors conducted by MyHouseDeals, more than 40% had a negative outlook on the market in the next year.

But as legendary value investor John Templeton once said, The time of maximum pessimism is the best time to buy. The aforementioned rapper might be onto something in recommending real estate investments during such a dark period for the industry.

Where can real estate investors find value during a strange time like this? Lets take a look at some real estate investment trusts (REITs) that could actually benefit from the current situation...

The self-storage industry had been on a tear before the COVID-19 pandemic; construction spending in the sector increased by more than 500% in the last five years according to the U.S. Census Bureau.

Plus, the industry appears to be shrugging off the virus perhaps even profiting from it. Self-storage has been classified as an essential business by even the most strictly quarantined jurisdictions, and theres lots of demand for it.

According to a recent survey of 2,000 young adults by TD Ameritrade, a whopping 39% of adults aged 24 to 29 are either already living with their parents because of COVID-19 or plan to move back home because of it, and all of their stuff has to go somewhere.

These factors explain why storage rents have actually increased in select markets like Pittsburgh, Charleston, and Columbus over the summer months, while most kinds of rents are in freefall.

Storage REITs like Public Storage (NYSE: PSA) and Extra Space Storage (NYSE: EXR) provide exposure to this red-hot industry.

As we all know, one consequence of COVID-19 is that work has moved online for many people. I, for example, am writing this article from my apartment and not from Angel Publishings offices.

Thats bad news for the office segment of the real estate sector but good news for the data center segment. After all, the huge surge in remote work has led to a significant strain on the servers that host popular websites and web services.

According to network intelligence firm ThousandEyes, the weekly number of network outages around the world broke records in February and March a sign that many sites and services are reaching their physical capacity and will need to buy or build more server space to keep up with demand.

Fortunately, theres a special kind of REIT that invests specifically in server warehouses. Digital Realty Trust (NYSE: DLR) and CyrusOne (NYSE: CONE) both give investors exposure to the extremely in-demand properties that house the equipment powering the burgeoning work-from-home internet.

E-commerce is another major winner of the economic disruption caused by COVID-19. According to e-commerce services firm Signifyd, online sales surged by 40% in the last five days of May when compared to the last five days of February.

And in its most recent quarter, Amazons revenue surged 40% year over year the strongest quarter of revenue growth since 2018. Some analysts think it could hit $100 billion in sales next quarter.

Once again, this is bad news for certain parts of the real estate market like retail space but good news for others, like warehouse space.

Luckily, you can buy REITs that specifically invest in the warehouses used for e-commerce fulfillment. Stag Industrial (NYSE: STAG) and Prologis (NYSE: PLD) both count Amazon among their largest tenants.

As you can see, theres still value to be had in real estate investments during these strange times if you know where to look.

All of the REITs weve profiled here are up by significant margins this year, and as weve discussed, they show no signs of slowing down anytime soon.

But theres no denying that the COVID-19 pandemic has been rough on investors who depend on capital preservation investments that generate steady income.

Finding value in real estate is one way to deal with the difficulties of income investing today but subscribing toReal Income Trader is easier.

Editors Jason Williams and Briton Ryle currently sport an average gain of more than 100% per trade because they focus on reliable dividend stocks, nine of which have paid out in the last month. Click here to learn more.

Until next time,

Samuel Taube

Samuel Taube brings years of experience researching ETFs, cryptocurrencies, muni bonds, value stocks, and more to Wealth Daily. He has been writing for investment newsletters since 2013 and has penned articles accurately predicting financial market reactions to Brexit, the election of Donald Trump, and more. Samuel holds a degree in economics from the University of Maryland, and his investment approach focuses on finding undervalued assets at every point in the business cycle and then reaping big returns when they recover. To learn more about Samuel, click here.

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Real Estate Investments in the Time of COVID-19 - Wealth Daily

Yorktown Town Supervisor Matt Slater talks about pursuing the creation of zoning overlay districts in the town Sept. 16, 2020. Rockland/Westchester Journal News

YORKTOWN Interest in bringingnew development here has come alive, the town supervisorsaid, now that Yorktownis consideringa tool that's become atrend to revitalization in northern Westchester County.

Generally known asan overlay district, it provides flexibility fromsome zoning rules and processes, butin a targeted locationwithin, say, a downtown business area.

The former automotive repair building in the Shrub Oak section of Yorktown Sept. 16, 2020. Yorktown officials are pursuing the creation zoning overlay districts.(Photo: Frank Becerra Jr./The Journal News)

Were getting some real, real interest in it I met today with two different groups who are looking to invest in (the) town, and they point right to the development districts," Town Supervisor Matt Slater said recently. In general, he added, in meetinginterested parties "we've had conversations from mixed-use to commercial, to recreational. So it really is running the gamut."

Town officials would not divulge who they're talking to, but Slater said the interestincludes the Lake Osceola area ofthe Jefferson Valley hamlet.

Were very excited about that, he said.

Town Board member Alice Roker said at a recent board meeting she knows ofsomeonewho has expressed interestin the Bear Mountain Triangle, an area bordered by Crompond Road, the Bear Mountain Parkway Extension and Taconic State Parkway.

He wants to get us to move this along so he can come and present something, she said.

YORKTOWN: Town pushes itself as lifestyle and business destination in COVID-19 world

OVERLAY:Mount Kisco gets preliminary OK on $4.7M tax incentives for downtown housing, retail

YORKTOWN: Residentsurvives COVID-19, month-long coma, and dreams of home

The town's proposed overlay district legislation is under review and will eventually go to a public hearing.

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Town officials announced the potential foroverlays in the business districts of various hamlets, such as Yorktown Heights, Jefferson Valley, Crompond, Mohegan Lake, and Shrub Oak.Coupled with a new Destination Y branding campaign Yorktown: Up where you belong! is the slogan the marketing effort seeks investment, from small businesses to mixed-use development. Potential goals include:

Around the region, others are looking to overlay districts.

In Mount Kisco, a longtime shopping and restaurant hub, village officials approved an overlay district forvillage-owned land that includes portions of parkingareas nearthe downtown train station. Theyve been exploring something sizable for the site, havinglined up developers Gotham Organization and Charter Realty Developmentas well as the architectural firm Beyer Blinder Bellewith conceptual renderings of what would be called Kirby Commons. It calls for:

A conceptual rendering of mixed-use, transit-oriented development that Mount Kisco is exploring(Photo: Thompson and Bender)

"We continue to move forward with the Kirby Commons project," said Mount Kisco Mayor Gina Picinich. "We are working on the contract."

At the recent village trustees meeting, a business owner said officials should consider how muchconstruction of the development, if it moves forward, would affect existing businesses and people coming to them,and she urged holding forums to give more information and hear comments.

A public hearing on the zoningproposal is set for Oct. 5.

In Ossining, village officials are working with a consultant on Ossining Tomorrow, which could include establishing overlay zonesdowntown and in the Croton Avenue corridor. Mayor Victoria Gearity said in her recent email message to residents the potential approach could create "a more walkable and inviting business district."

Yorktown Town Supervisor Matt Slater standing in front of the former K-Mart store in the Yorktown Green Shopping Center Sept. 16, 2020. Yorktown officials are pursuing the creation zoning overlay districts(Photo: Frank Becerra Jr./The Journal News)

The reasons underlying northern Westchester'soverlay district trend:

The former Kmart in Yorktown Green Shopping Center in Yorktown Heights Dec. 18, 2019.(Photo: Tania Savayan/The Journal News)

The YorktownGreen Shopping Center is onesymbol of the change in fortunes: The plaza's former Food Emporium has sat dormant for more than a decade and the Kmart recently exited.

Meanwhile, amid COVID-19, there are reports that many people and perhaps corporationsare exiting New York Cityfor social distancing in the suburbs, bringing potential to Yorktown.

The Journal News/lohud contacted severaldevelopers who do northern Westchester projects to see if they'reamong those expressing interest in Yorktown. Two of them, Ginsburg Development Companies which has builtapartments and restaurants in rivertowns such as Ossining and Peekskill and New Jersey-based Ridgewood Real Estate Partners, which has a development proposalin Briarcliff Manor, said they have nothing in the works in Yorktown. Others didnt respond toJournal News/lohud inquiries.

Slater said he and John Tegeder, the town planning director, have beenfielding calls for potential projects.

And its clear that the overlay zones are very enticing, Slater said. We want to continue to move the conversation forward.

Michael McKinney covers northern Westchester.Follow him on Twitter@mikemckwrite.Visitoffers.lohud.comto sign up for a subscription.

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Yorktown reports wave of new interest in development. Find out why - The Journal News

LOGAN SQUARE A developer with big plans to overhaul the dilapidated Congress Theater has been hit with a $24 million foreclosure lawsuit.

The lawsuit, first reported by Crains Chicago, could spell trouble for the developers multi-million-dollar redevelopment project, which aims to bring the 1920s-era landmark theater back to life.

According to Crains, the lawsuit was filed by Los Angeles-based lender AEG Worldwide, an entertainment and sports promoter whose holdings include the Los Angeles Lakers and the Coachella Valley Music & Arts Festival. Moyer borrowed money from AEG to redevelop the Congress.

In the lawsuit, filed last month, AEG alleges Michael Moyer, the developer behind the redevelopment project, defaulted on $14 million in loans on the property nearly four years ago, Crains reported.

Over time, the loans resulted in another $10 million in fees and interest. The total amount AEG alleges Moyer owes is $23.9 million, according to Crains.

The lawsuit is being made public after months of inactivity at the site that has had neighbors and elected officials questioning if the project is actually moving forward.

Moyer bought the old movie palace for $16 million in 2015 with the goal of bringing it back to its former glory. At the time, then-1st Ward Ald. Joe Moreno said Moyer would re-establish its reputation as one of the finest music venues in the nation.

In 2018, a couple years after AEG alleges Moyer defaulted on $14 million in loans, the developer received city approvalfor the restoration project, which called for a total overhaul of the theater and the construction of a 30-room hotel, 14 affordable apartments and16,000 square feet of retail space in the surrounding 160,000-square-foot theater building, as well as the construction of a 72-unit residential building next door.

Also in 2018, Moyerscored $9.7 million in Tax Increment Finance dollarstoward the multi-million-dollar project, but Crains reports that he never actually received the money and was unable to raise the rest of the funds needed for the redevelopment project, which has been said to cost up to $96 million.

Attempts to reach Moyer Tuesday were unsuccessful.

This is not the first time the Congress has been wrapped up in a foreclosure lawsuit. Former owner Erineo Eddie Carranzawas threatened with foreclosure in 2012 after defaulting on a $4 million loan.

In 2013, the Congress was shut down by the city after gettingslapped with a string of code violations.

The closure came after a series of crimes that occurredin and around the theater during shows, includingthe rape of a 14-year-old girl.As a result, the theaters former music genre of choice,electronic dance music, or EDM,was banned for all current and future owners.

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Congress Theater Developer Hit With $24 Million Foreclosure Lawsuit: Report - Block Club Chicago

Communal amenities at the 604-bed student housing complex will include ground floor retail space, outdoor courtyards, pools, private study lounges, a clubroom and a fitness center.

GAINESVILLE, FLA. A joint venture between 908 Group, Scannell Properties and Atlantic American Partners has received $65 million in construction financing for an unnamed development of a 604-bed student housing community near the University of Florida in Gainesville. First Merchants Bank, First Financial Bank and Old National Bank provided the construction loan for the community. TSB Capital Advisors acted as special advisor in the financing. The project will offer a mix of one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Communal amenities will include ground-floor retail space, outdoor courtyards, pools, private study lounges, a clubroom and a fitness center. The community is scheduled for completion in fall 2022. Humphreys & Partners designed the asset, and Arco-Murray is the general contractor. Houston-based multifamily operator Asset Living will manage the community upon completion.

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Joint Venture Receives $65M in Construction Financing for Student Housing Community Near University of Florida - REBusinessOnline

First it was the Cornerstone building that changed the landscape of downtown Fenton in 2014. Then it was the Horizon Building that brought more retail space and parking to the corner of N. LeRoy Street and Silver Lake Road in 2018.

Now, residents who visit downtown are watching the newest development on the corner of W. Caroline Street and S. LeRoy Street, the 111 Building.

Ghassan Saab, project manager of the 111 Building, said construction is going great.

Since weve picked back up, weve been making great progress, he said. The building is almost completely enclosed. Once thats done, well begin work on the apartments and common areas.

They were forced to halt work on the four-story building due to the COVID-19 pandemic and subsequent stay-at-home orders in March. Construction resumed in May.

The shutdown, of course, threw a wrench in everyones plans. We had to re-work the schedule and make other job site modifications, but otherwise work on the site is business as usual, he said.

The projected completion date is March 2021. Saab said as long as the building is enclosed, they can work on the inside throughout the winter, and then be ready to open in March.

As of today (Monday, Aug. 31), we just need to install the first-floor windows and doors and well be completely enclosed and ready for the colder weather, he said.

Corlin Builders is the developer for the project, and Sorenson Gross is the general contractor. Once completed, there will be approximately 40 parking spots in the lot for public use, minus the 14 used by residents.

The building will be four stories and 10,000 square feet per floor. Everything in this building, including office, retail and the 14 apartments on the third and fourth floors will be leased.

The pandemic hurt restaurants and retail spaces when they were forced to close. When asked what he thinks about Fenton closing certain streets at certain times on Thursdays and Fridays to allow businesses to use that space for customers, Saab said, I think its a great idea. Restaurant floor space is hard to come by and outdoor space is premium, so I love seeing the restaurants take advantage.

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Work progressing on 111 Building - Fenton Tri County Times

At least nine large development projects are underway in downtown that include condos, apartments, and restaurants.

KNOXVILLE, Tenn The COVID-19 pandemic isn't stopping the further development of downtown Knoxville.

Right now, more than $180 million dollars is being invested in new condominiums, apartments, restaurants, offices and hotel renovations.

The city expects it to lead to another thousand people living in downtown by next summer, and developers don't plan to slow down.

Were very bullish about downtown. Were not looking at short-term development were looking at 20 to 50 years. So if theres a little blip in the economy, thats OK, well continue on about our business, said Tim Hill, co-owner of Hatcher-Hill Properties, which is managing two current construction projects.

Tax incentives are helping some of the developers transform downtown.

Development projects face different sets of circumstances, said Deputy to the Mayor Stephanie Welch, the Citys Chief Economic and Community Development Officer. Some, like the mixed-use development under construction at the former state Supreme Court site, are so challenging, its almost impossible to envision them happening without some help from the City to close the financing gap and make these projects viable."

The city has details on nine projects currently underway in downtown Knoxville here. They include:

The Overlookwill be a six-story condominium building with great views of the Tennessee River and Henley Bridge. It's being built on what was an empty gravel lot on Hill Ave. and is expected to open later this year.

The old State Supreme Court site will be transformed into a mixed-use development including a 237-unit apartment community, short-term rentals, and some retail. It's expected to open in early 2022.

The building that housed the old NV and Bowery nightclubs in the Old City at 125 E. Jackson Ave.will be transformed into two restaurants and two office suites and will also feature a courtyard/entertainment patio.

Stockyard Lofts will be a six-story, 152-unit apartment building on Willow Ave. in the Old City. It will also have 5,000 square feet of retail space at ground level.

The City House Town Homes on Vine Ave. is nearing completion. It will add seven 3,000 square foot condos to downtown living options. Each one includes a rooftop deck with amazing views of the city.

In addition to these, Smokies owner Randy Boydis in conversations with city leaders about possibly bringing baseball back to open. He owns close to a dozen acres near downtown. The latest plans describe a mixed-use development around the stadium with retail, restaurants and living spaces built in cities like Atlanta and Chicago.

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$180M in construction will bring more residents & visitors to downtown Knoxville - WBIR.com

Potential ties to corruption involving elected officials and real estate developers in Los Angeles reach beyond the alleged criminal enterprise in Council District 14.

The L.A. Times reported that Councilman Curren Price helped Ara Tavitian and his development firm PHR LA Mart get approval for a $1.2 billion skyscraper redevelopment in 2016, including the addition of three massive digital billboards, despite opposition from the City Planning Commission (CPC). Then three months later, companies run by Tavitian injected $75,000 into a political action committee to help Prices reelection campaign.

Such contributions are legal so long as they are not made in exchange for an official action. But the practice has hindered public trust in the citys approval process, and Council President Nury Martinez said restoring the publics trust is job one for the city dealing with the fallout from a federal investigation that has so far led to a guilty plea from former Councilman Mitch Englander and the arrest of Councilman Jose Huizar, who is facing 34 felony counts for allegedly leading pay-for-play schemes with developers.

Against CPCs recommendations, Price reportedly pushed to allow the digital signs to be twice as big, operate later into the night, and change images much quicker. Just last week, Planning Commissioner David Ambroz told Commercial Observer that the city should remove part of the city charter that allows council members to veto stipulations for entitlements added by CPC.

Many of the projects that have been brought to light by the investigations have to do with projects where [that part of the charter] was exercised, Ambroz said.

The developer of the $1.2 billion skyscraper, called the Broadway Square Los Angeles, or the Reef, is one of those that is allegedly involved in Huizars web of bribes and extortion, according to the Times. But the indictment against Huizar does not include Price or his involvement with the Reef project, and neither Price nor Tavitian have been charged or arrested.

Construction on the complex has not started, but the digital signs were added to an existing 12-story building on the site. The three billboards wrap around the sides of the building, measuring about 55 feet by 245 feet, according to the Times. The project at 1900 South Broadway also calls for the addition of 1,444 units of housing, a 208-room hotel, a grocery store and retail space. Its located two blocks from the Grand and Washington Metro Blue Line stop.

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Developer Donated to Election Fund After LA Councilman Helped With Digital Billboards - Commercial Observer

A six-story apartment building is being proposed for the northeast corner of South Fifth and West Mineral streets.(Photo: New Land Enterprises LLP)

Two new apartment developments, totaling more than 200 units, are being proposed for a reconstructed stretch of South Fifth Street in Walker's Point.

New Land Enterprises wants to develop a six-story, 68-unit apartment building on a vacant lot at 924-934 S. Fifth St., according to plans filed with the Milwaukee Board of Zoning Appeals.

Also, Mandel Group Inc. has preliminary plans to develop a six-story, 144-unit building on a site from 603 S. Fifth St. through 645 S. Fifth St.

Both would be the latest in a series of developments to occur on a stretch of South Fifth Street, between West Virginia and West Scott streets, that was reconstructed in 2016.

That project included wider sidewalks and bike racks which havehelped such developments as Fuel Cafe's second location,630 S. Fifth St., andMobCraft's brewery and taproom,505 S. Fifth St.

Also, the National Block development, at the southeast corner of South Fifth Street and West National Avenue, features 12 apartments on the upper two floors of a renovated three-story building, with plans for an events venue on the first floor.

Such street projects, which include narrowing traffic lanes to provide more space for bikes, are part of Milwaukee's Complete Streets policy approved in 2018 by the Common Council and Mayor Tom Barrett.

Mandel's plans call for demolishing the former La Fuente restaurant, a one-story warehouse and six rental units, said Emily Cialdini, senior development associate.

The building would include underground parking, as well as parking on the first floor, she said, with the apartments on floors one through six.

The $30 million development, which has not yet been named, would include a penthouse-style clubhouse, It would include larger units, but most would be studios and one-bedroom, Cialdini said.

"It's really a young neighborhood," she said.

Mandel has tentative plans to begin construction in spring 2021, Cialdini said.

It would take about 15 to 18 months to complete with firm executives confident strong demand will continue for higher-end apartments beyond the current economic turmoil tied to the COVID-19 pandemic.

MandelGroup believes the site's current zoning allows the project to be built without Plan Commission review, Cialdini said.

It filed its proposal with Department of City Development officials to confirm that is correct. A departmentspokesman couldn't be immediately reached Monday for comment.

New Land's project, known as Element apartments, would include 56 indoor parking spaces on the first and second floors, as well as a 1,200 square feet of first-floor retail space.

Other amenities would include a fitness room, outdoor patio and indoor bicycle storage space, according to the proposal filed with the zoning board.

New Land is seeking a variance to provide a taller building with more density at the site than allowed by its current zoning.

The 17,500-square-foot lot now allows for 21 units less than one-third of what Elements would provide.

Also, the parcel's building height limit is 60 feet. New Land is proposing a 69-foot, six-inch building with a two-foot parapet.

The zoning board's next meeting is Sept. 10.

In its board filing, New Land says the proposed building density and height increases would be consistent with taller buildings, and more residential density, developed in the neighborhood in recent years.

Those projects have occurred as Walker's Point continues to see fewer industrial uses and more housing.

The filing cites two nearby examples, both developed by New Land: the 120-unit Trio apartments, which was completed in 2017at 1020 S. Second St., and the 48-unit Quartet, which opened this spring at 1001 S. Second St. and is already full.

The Element project would not create congestion because its parkingwould be accommodated within the building in excess of zoning requirements, the filing said.

Also, the additional residents would provide more customers for neighborhood businesses, according to the proposal.

Tom Daykin can be emailed at tdaykin@jrn.comand followed on Instagram, Twitter and Facebook.

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Two apartment developments, totaling more than than 200 units, are proposed for S. 5th Street in Walker's Point - Milwaukee Journal Sentinel

Google announced on Tuesday a proposal to build more than a million square feet of offices and up to 1,850 new homes in the East Whisman area of Mountain View, creating an entire neighborhood in the center of a sprawling office park.

Dubbed the Middlefield Park Master Plan, the local tech giant is seeking to transform 40 acres centered near the Middlefield VTA light rail station into a mixed-use hub that ups the density on office development while making room for thousands of future residents. East Whisman was rezoned late last year to allow for housing and higher buildings, clearing the way for Google's complete redesign of the area.

Google is proposing to build roughly 1.3 million square feet of offices across five new buildings on the northern side of the village, located along Ellis Street, Logue Avenue and Clyde Avenue. To the south will be six residential buildings totaling anywhere from 1,675 to 1,850 new homes, likely a combination of ownership and rental units. Unlike the mostly single-story offices that dominate the site today, building heights are now permitted to exceed 95 feet.

More than half of Google's 40-acre property is dominated by surface street parking, which will be replaced by two parking garages. The extra space means that more than 12 acres of the master plan can be devoted to parks and open space, largely consolidated in a centrally located public park and along the light rail tracks.

Though the project would result in as much as 650,000 square feet of net new office space, the primary objective is to construct at least 1,675 new homes for the area, said Google real estate director Michael Tymoff. The transit-oriented development will be led by the housing component, he said, marking the company's first chance to deliver residential development at scale in the city.

"We really see it as taking another step forward with our housing commitment," Tymoff said.

Last year, Google CEO Sundar Pichai announced that the company would be responding to the Bay Area housing crisis by investing $1 billion to help build a minimum of 20,000 new homes. The large majority of that commitment, $750 million, would come in the form of Google converting its commercial land holdings into residential uses, which is part of the rationale behind the Middlefield Park design.

Though Google's recently approved projects are all office-only tech parks -- including Charleston East, Bay View and Landings -- the company has pivoted in recent years toward large, mixed-use development that aims to put offices next door to thousands of homes. Along with East Whisman, Google is proposing to build a mixed-use village with up to 5,900 homes in its San Jose Downtown West plan. And Mountain View's North Bayshore tech park, currently the home of most of Google's office growth, could soon have 5,700 new homes.

The proposal's mix of rental and for-sale housing units are predominantly in the form of stacked flats that can maximize the number of residential units in the area, Tymoff said. The project would include 20% affordable housing units, which, depending on how many units are built, would create between 335 and 370 deed-restricted units for low-income households.

Google will be taking a hands-off approach to the housing at Middlefield Park, however, leaving the design and construction to another company, Lendlease. In a statement, Lendlease Project Director Andrew Chappell said the housing will be focused on creating "people-centered" communities that benefit both residents and the community at large.

"We are eager to move forward in collaboration with Google, delivering much needed housing in the Bay Area," Chappell said. "We are confident that we can turn the Middlefield Park master plan into a reality."

Google's proposal is in the early stages of the development, and many details have yet to be fleshed out. Tymoff said the individual buildings have yet to be designed, but will predominantly be low- to mid-rise buildings up to 12 stories tall. One factor keeping building heights down is Moffett Field, with the Federal Aviation Administration capping the project's height limits at 120 feet, he said.

In November, the city adopted the blueprint for future development in East Whisman through the East Whisman Precise Plan, a guiding document that opened the door for higher density and housing in an area considered ripe for redevelopment. The plan allowed for more office development, but only on the condition that it also came with a commensurate increase in housing.

The jobs-housing balance requires developers to preserve a ratio of 3 housing units for every 1,000 square feet of office space that gets built in East Whisman, leaving it up to developers to negotiate deals with one another or dedicate land for future homes.

In Google's case, no such deal-making will be needed. Tymoff said the proposal's ratio of jobs and housing within the Middlefield Park Master Plan precisely matches what the city requires.

"The amount of net new office would go up or down proportionately so that we're always in compliance," he said.

The project also won't have to pitch in any park fees for shortchanging the city on park space, which is often the case in newly proposed housing projects. The 12 acres of primarily public open space satisfies the city's park requirements.

Outside of housing and offices, Google's proposal calls for 30,000 square feet of retail space as well as 20,000 square feet of flexible space for "civic" uses and events. Tymoff said those could be for recreational fields, an aquatic center or space for events like birthday parties and community meetings. The hope is to create a neighborhood that, on its own, is mostly self sufficient.

"It's certainly one of the ideas in the Precise Plan to create a mixed-use neighborhood where a lot of the needs and services are within walking distance from where you live and work," Tymoff said.

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Google unveils massive mixed-use housing and office village in East Whisman - Mountain View Voice