1301 Shoreway Development Agreement Terms
Kathy Kleinbaum, Assistant City Manager
October 28, 2025
Project Background
• Four Corners Development Properties submitted planning application in June 2022
• Redevelopment of existing 3-story office building into 542,100 sqft campus for office or biotech use
• Project requires rezoning to a PD District to accommodate proposed height and FAR
• Draft EIR published in November 2024
• Entitlements hearings anticipated in early 2026
• Project entitlements will include a Development Agreement covering extended entitlement timeframe and community benefit contribution Project Site
Project Site Plan
Development Program
BUILDING DETAILS
Building 1 8 FLOORS 128 FT 270,452 SF
Building 2 7 FLOORS 112 FT 271,583 SF
Garage 9 FLOORS 85 FT 442,690 SF
Subtotal Building SF 542,035 SF
TOTAL SF 984, 725 SF
SITE DETAILS
Site FAR 1.8 SF 542,035 SF
Site Area 301,130 SF 6.9 Acres
Site Parking 3/1000 1,625 Cars
Open Landscape Space 83,594 SF
BUILDING PROGRAM / USE
Offices / Life Sciences Laboratory Type 1B Occ. B, S2
Project Rendering
Project Rendering
On-Site Public Amenities
• Shoreline public access trail with
interpretive signage
• Renovated sports court
• 2 fitness nodes along public access
trail
• 5 public parking spaces and 10
bicycle parking spaces.
• Accessible to all members of the
public during daylight hours
Development Agreement Terms
• Requesting a 10-year entitlement period given uncertain commercial market
• First 7 years granted outright, years 8 to 10 subject annual renewal option with pre-payment of $50K per year of community benefit contribution
• Total community benefit contribution is based on City program – sharing of the residual value for additional height and FAR • Proposed contribution of $6.3 million for years if built in years 1 to 7 • Contribution escalates to $7.0 million in years 8 to 10 • City has flexibility to use funds for any identified community benefit priorities
Development Agreement Terms (cont.)
• Development impact fee rates set at time of entitlement, but increase by CPI
• Public Art Fee requirement – Developer has agreed to provide a minimum of 50% as in-lieu payment that can be used citywide • Developer agrees to a union signatory general contractor • Agrees to make good faith efforts to meet following goals:
• 30% local hire
• Participation in apprenticeship programs
City Council Action Requested
Provide comments and feedback on proposed
Development Agreement Terms
Thank you!
belmont.gov