2301 Rosecrans Ave., Suite 4140
El Segundo, CA 90245
TEL: 424-297-1070 | URL: www.kosmont.com
CITY OF FOSTER CITY
REAL ESTATE ECONOMIC MARKET ANALYSIS
CITY COUNCIL UPDATE PRESENTATION #2
JULY 20, 2026
KOSMONT COMPANIES | 2
BACKGROUND
Foster City (“City”) hired Kosmont Companies (“Kosmont”) to prepare a comprehensive Real Estate Economic Market Analysis (“Analysis”) to examine the community’s commercial voids, and understand current market conditions / trends, and opportunities. Given shifting consumer preferences and land uses, and uncertain economic times and fiscal challenges, it is important that City identify opportunities to strategies to guide sustainable growth and economic development. On April 20, 2026, City staff and Kosmont provided Update Presentation #1, including Citywide Real Estate Economic Market Assessment, and Population and Psychographic Analysis.
This Update Presentation #2 provides an overview of the extensive stakeholder and community feedback received to date and summarizes Kosmont’s analysis of the list of opportunity sites identified through Council direction and community input. This opportunity site analysis is a high-level overview by Kosmont to identify market supported land uses for various sites identified by the Ci t y. Because the majority of these are privately owned, the findings made for each site are only to advise the City Council and community of opportunities worth further examination / due diligence withproperty ownership.
The analyses, projections, assumptions, and any examples presented herein are for illustrative purposes and are not a guarantee of actual and/or future results. Actual results are difficult to predict as a function of market conditions, natural disasters, sea level rise, pandemics, state and local legislation and administrative actions.
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APPROACH
Kosmont’s approach to preparing this Update Presentation #2 regardingopportunities included the following tasks:
Review of Planning documents, together tour of the City and its business and residential districts Interviews with City staff and Council members
Assessment of local demographic and market conditions In person and virtual community outreach meetings to present preliminary findings and gain insights as to needs and challenges
Interviews with stakeholders
Identify long term commercial opportunities supported by market forces Review of major retail centers outside City (e.g., Bridgepointe and Hillsdale centers) Assessment of regional economic trends
Evaluation of key opportunity sites, adjacent uses and suggested new uses Necessary action items to help decision-making
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CITY COUNCIL DIRECTION
REAL ESTATE ECONOMIC MARKET ANALYSIS – FOSTER CITY
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CITY COUNCIL FEEDBACK / DIRECTION
City Council Interviews, March 25-26, 2026
• City is safe, family-oriented, “sleepy,” with strong parks, youth sports, food trucks, and concerts.
• Traffic, limited access points, weak wayfinding/signage, aging infrastructure, and high business operating costs. • Make City more business-friendly, grow sales tax
revenue, and strengthen gathering places.
• Expand pop-ups, kiosks, food trucks, farmers’ markets, and explore loan/incubator programs.
• Focus on neighborhood-serving retail, restaurants,
family services, and destination uses rather than
competing with Bridgepointe.
• Desire for quality restaurants, waterfront dining, bars, and evening activity (e.g., fresh fish restaurant,
golf-course bar/restaurant).
• Develop a “mini-downtown” civic heart — centered
around Metro Center, Community Center, lagoon, and
adjacent commercial areas.
• Opportunity Sites - Metro Center/lagoon area,
Edgewater Place, Beach Park Plaza, Foster City Square,
101 Lincoln, Hatch Drive sites, 303 Vintage, 1601 Beach Park, Visa pad, industrial areas, office-to-residential conversions, golf course.
• Evaluate office-to-residential conversion and added
housing at Metro Center, Edgewater, and Beach Park
Plaza (mixed Council views).
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CITY COUNCIL FEEDBACK / DIRECTION (CONTD.)
• Foster City Square repositioning — seen as
underperforming; consider pop-ups, kiosks, activation,
or rethinking City ownership strategy.
• Edgewater Place challenges/opportunities —
Waterfront potential, but constrained by ownership,
high rents/CAM, access, and past housing opposition.
• Infrastructure constraints — 50-year-old water/electric systems may limit redevelopment feasibility.
• Revenue-generating opportunities — hotels,
higher-value redevelopment, City property investment,
improved signage, billboards, sales, property and TOT
tax generating uses.
• Community needs — more teen activities, quality
restaurants, childcare/preschools, and inclusive spaces for seniors and diverse population.
• Engagement strategy — use multiple channels, including three local Facebook groups, to gather resident input.
• Action-oriented staff report — practical, site-specific, and tailored to City (avoid “cookie-cutter” approaches).
Council Update #1 April 20, 2026
• Impact of Noise Ordinance
• Impact of Hillsdale Mall and Bridgepointe on City
• Food Hall and other concepts
• Potential for Foster City High School
• Location for “Downtown Core”
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COMMUNITY OUTREACH
REAL ESTATE ECONOMIC MARKET ANALYSIS – FOSTER CITY
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OUTREACH EFFORTS
T o reach a broad cross-section of the community, outreach materials including a survey, workshop information, project webpage, and flyers were distributed through multiple channels. These efforts included:
• More than 10,000 community members were reached via the City’s email newsletter, with strong engagement indicated by 27% open rates (the industry average is 20-30%) • More than 21,000 community members were reached via Facebook and Instagram • Social content generated 70 impressions (likes, shares, link clicks) across platforms • Direct personal emails to business and economic development stakeholders • Outreach through Parks and Recreation Department and Citizens Sustainability Advisory Committee (SCAC) channels
• Flyers posted at community facilities and public locations throughout town • Direct coordination with Foster City Chambers
• A-frames placed at the Library, Off-the-Grid events and Levee • Flyers distributed to businesses in shopping centers
• Marquee
• Recology flyer
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COMMUNITY OUTREACH AND PUBLIC PARTICIPATION
In-person Community Meeting
34 Engaged
Project Website
244 informed; 1,400 views
Community Survey
134 Engaged
Virtual Community Meeting
15 Engaged
Focus Group Meetings (Small Business)
4 Meetings (In-person and Virtual)
Stakeholder Meetings
17 Meetings (In-person and Virtual)
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ROLE OF COMMUNITY ENGAGEMENT
EXISTING
CONDITIONS ENGAGEMENT
Population and
Psychographic
Data
Citywide Real Estate
Assessment
City Retail and
Shopping
Centers
City Council
Interviews AND
Update #1
Community
Meetings
Focus Group
Meetings
Stakeholder
Interviews
Community Survey
SELECTION OF
OPPORTUNITY
SITES
COMMUNITY
NEEDS
EDUCATION
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IN-PERSON COMMUNITY MEETING – APRIL 27, 2026
• Commercial Market & Land Use — Residents want to understand why retail vacancy is higher than in peer cities; long-standing vacancies like OSH and Edgewater Place Center; how to identify the best uses for underperforming sites; strong desire for more local shopping, dining, and small businesses, while split views on mixed-use development.
• Housing & Community Composition — Split views on whether the City has too much or needs more housing; Residents noted the lack of a long-term plan connecting housing, schools, retail, and services, and asked if seniors are adequately represented in the study.
• Waterfront & Lagoon System — The lagoon is an underutilized asset; explore revenue-generating opportunities, more community gathering spaces, cafés, and low-cost entertainment along the water; how the lagoon can be leveraged for recreation / economic activity.
• Transportation & Mobility — Concerns about transit options in the City. Daytime mobility challenges, especially for seniors and workers.
Transportation challenges may be limiting access to businesses, contributing to retail vacancy.
• Community Life & Events — Desire for more events, entertainment, and a stronger sense of place. Suggestions included adjusting existing events (e.g., Off the Grid) and adding more family-friendly and senior-friendly activities.
• Economic Strategy & Implementation — Residents want
actionable outcomes. How the City plans to attract unique, community businesses, how recommendations will fit into a broader economic strategy, and what the fiscal impacts might be — including effects on City revenues, property taxes, home values, and comparisons to peer cities.
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VIRTUAL COMMUNITY MEETING – MAY 14, 2026
• Waterfront & Lagoon System — Evaluate the lagoon’s
impact on residential property values, commercial/waterfront restaurants, gathering spaces, and recreational tourism. They also asked how the lagoon system aligns with the needs of major employers like Gilead, Visa, and Zoox.
• Opportunity Sites & Land Use — Which sites are being
considered for redevelopment and exploring a true downtown district. They specifically asked about the OSH site and the former marina site, and whether Foster City could pursue a transformative redevelopment similar to Bay Meadows or the Hillsdale Mall evolution.
• Real Estate Trends — Residents want a deeper breakdown of where residents work, beyond listing top employers. They asked why Foster City’s real estate appreciation has lagged San Mateo over the past five years, what factors play a role, and which neighborhoods are appreciating or stagnating.
• Golf Course — Residents questioned whether the
municipal golf course pays market-rate rent and whether the land could be used more intensively for family-friendly or revenue-generating purposes.
• Education & Community Composition — A recurring
question was whether the City could support its own high school and how that would fit into long-term planning.
• Economic Resilience — Residents expressed concern
that Foster City may be too dependent on a small number of major employers and asked what would happen if
biotech activity slows.
• Study Timeline — Residents requested clarity on when
the study’s conclusions will be delivered and when new
development activity could realistically begin afterward.
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COMMUNITY RETAIL SURVEY
Kosmont prepared a survey for residents to identify shopping patterns and preferences. The City posted the survey online and promoted it to the community.
Here is a summary of results:
• 41% rarely go to restaurants in the City
• 31% rarely go to fast food/quick serve in the City
• 37% rarely shop in the City for personal services
• 54% would like more outdoor dining options
• 58% would like more public events (farmers’ markets, festivals) • 69% say City needs more sit-down restaurants
• 54% say need more entertainment venues (live music venues, theaters) • 59% would like City to prioritize streetscape (design, lighting, walkability) KOSMONT COMPANIES | 14
SUMMARY OF COMMUNITY SURVEY COMMENTS
• Need for a downtown core — Strong desire for a
walkable, vibrant district where dining, shopping, and
services are clustered rather than spread out.
• More dining, shopping, and services — Residents want
more restaurants, cafés, nightlife, grocery options, and everyday retail to reduce the need to leave Foster City for basic needs.
• Vacant commercial spaces — Concern about empty
office buildings and long-standing vacancies at OSH and Edgewater Place, with calls for action to reactivate these sites.
• Better public transportation — Requests for improved
transit within Foster City and stronger connections to
nearby cities, along with safer, more walkable routes.
• More community events and gathering spaces —
Desire for more places and programs that bring people
together, including family-friendly, teen-friendly, and multigenerational spaces.
• Activate the lagoon and waterfront — Interest in
more waterfront dining, outdoor seating, beautification, and social spaces that make the lagoon a true community
destination.
• Consider enhancements that build on the golf
course’s success — Residents are open to opportunities
that complement and strengthen the golf course’s existing recreational value.
• Benefits of a local high school — Curiosity about
whether Foster City could support its own high school and how it might strengthen community identity and serve
families.
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MAJOR COMMUNITY ENGAGEMENT THEMES
Activate the waterfront and lagoon
Need for better public transportation
Concern about vacant office space
Concern about vacant spaces at OSH &
Edgewater Place
Need for more community events / gathering
spaces
Lack of dining, nightlife, shopping and services
in the City & opportunity to create a
“Downtown Core”
Enhance the use of Mariners Point Golf Course
Benefits of a local high school
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STAKEHOLDER INTERVIEW THEMES
From the 17 stakeholder meetings with Kosmont representatives, other opportunity sites were raised, business opportunities and challenges were discussed including:
Metro Center was mentioned as redevelopment opportunity / potential downtown site Commercial/retail development in R&D industrial district was mentioned Redevelopment of older multifamily apartments into higher density mixed use Chamber of Commerce concern about inconsistent enforcement of signage and noise ordinance rules, community opposition to development due to traffic concerns, little or no justification of high CAM costs for retail tenants Mixed-use development along lagoon
Need for better public transportation
Lack of dining options in the City
Opportunity to create a “downtown core”
Increase use of Mariners Point Golf Course land
Benefits of a local high school
Permit processing delays
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THEMES AND CONSIDERATIONS
REAL ESTATE ECONOMIC MARKET ANALYSIS – FOSTER CITY
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COUNCIL UPDATE #2
This Update Presentation #2 addresses questions raised by Council in the first presentation and provides preliminary recommendations for themes and opportunity sites.
Considerations include:
• Impact of Noise Ordinance
• Impact of Hillsdale Mall and Bridgepointe redevelopment on Foster City • Food Hall and other concepts
• Feasibility of a High School
• Location for “Downtown Core”
See separate sections following
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IMPACT OF NOISE ORDINANCE
REAL ESTATE ECONOMIC MARKET ANALYSIS – FOSTER CITY
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IMPACT OF NOISE ORDINANCE
The City noise ordinance in Municipal Code 17.68.030 states "It is the policy of the City that the public peace, health, safety, tranquility and general welfare of residential districts and the community as a whole requires protection from unnecessary, excessive, unreasonable and annoying noises..."
Decibel Restrictions Permitted continuous noise levels differ by time of day. For one- or two-family residential zones, sounds should generally not exceed 60 dBA between 7:30 a.m. and 10:00 p.m., and 50 dBA between 10:00 p.m. and 7:30 a.m. Normal conversation at a distance of 3-5 feet would be approximately 60 dBA so outdoor dining should not be a problem for homes over 50 yards away.
The City website needs to clearly explain these limits. According to Chamber of Commerce, restaurants have had neighborhood complaints about outdoor dining that resulted in enforcement actions. They mentioned perceptions about business operating hours can be more restrictive than actual rules, causing some businesses to avoid operating in the evenings due to fear of complaints. It is perceived that enforcement focuses more on keeping peace, rather than following the actual rules. This has led to businesses closing earlier, limiting nightlife options for residents.
Kosmont suggests the City consider modifying 50 dBA limit till later hours on weekend evenings. Another option would be to install plexiglass barriers on outdoor patios directly across from homes on the Lagoon.
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IMPACT OF HILLSDALE MALL AND BRIDGEPOINTE REDEVELOPMENT ON
FOSTER CITY
REAL ESTATE ECONOMIC MARKET ANALYSIS – FOSTER CITY
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BRIDGEPOINTE AND HILLSDALE REDEVELOPMENT
How the Theme / Consideration Was Identified
Stakeholder input
City Council Input
Kosmont’s Analysis shows that Foster City has limited retail, dining and recreational venues to serve the wide demographic resident mix. This is likely due to the fact that two major shopping centers, providing close to 2 million SF of retail, dining and entertainment venues have been located within 2 miles of City Hall since the City founding 50 years ago, providing relatively easy access for residents.
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BRIDGEPOINTE SHOPPING CENTER
Bridepointe Shopping Center, immediately north along Hwy 92 in San Mateo, is today a 500,000 SF power center developed following the failure of Fashion Island to attract sufficient customers. Hahn Company sold the original mall in 1986, but new owners were unsuccessful seeing 80% vacancy rate. It was sold again to Sand Hill Properties, which rebuilt it as a power center. T oday’s tenants include:
Target and Nordstrom Rack
Home Depot
Marshalls and Ross Dress 4 Less
BJ’s Brewery & Restaurant, Lazy Dog and Benihana
The San Mateo Housing Element currently lists Bridgepoint as an opportunity site for 300+ housing units, but there are legal issues related to the 1997 contract and economics make redevelopment infeasible in near term. Owner has submitted plans to redevelop the ice rink site as general retail.
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HILLSDALE MALL
Hillsdale Shopping Center is today a 1.3 million SF regional mall, originally built by Bohannon Family in the early 1950’s as an open air center with over 170 stores. After the Hahn Company built Fashion Island on Bridgepointe Parkway in 1982, Bohannon demolished the open-air center and built a 2-level enclosed mall, with four major department stores as anchor tenants. It has undergone continuous renovation and reinvestment adding luxury movie screens, food court, and California’s first Nordstrom store. The adjacency of Hillsdale with its collection of high quality retail, restaurant and entertainment on the major north-south Highway 101 presents extreme competition to Foster City’s ability to attract regional retail tenants.
The following quality retailers are located in the Center:
Macy’s and Nordstrom
Cinepolis Theaters
Pinstripes Bowling
Trader Joe’s
Cheesecake Factory
There is a $1 billion redevelopment plan to add 1,670 housing units, 8- to 10-story office buildings and remove a portion the interior mall that will reduce retail competition and increase retail demand.
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HILLSDALE MALL REDEVELOPMENT PROPOSAL
The existing North Block Retail at Hillsdale Mall (12.03 acres of the 44.69-acre property) will remain
Demolition of 1,490,331 square-foot existing commercial buildings and garages Up to 2,059,000 GSF of net new commercial development Up to 2,390,800 GSF of net new residential space containing up to 1,670 residential units A new low-rise Retail Village will be integrated to the existing North Block Retail The new Commercial and Office uses, ranging from eight to ten stories, are proposed along El Camino Real
The western portion of the site will feature three-story townhomes adjacent to existing single- family residences, while five- to eight-story
Source: City of San Mateo website
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IMPACT OF HILLSDALE MALL REDEVELOPMENT
PROPOSAL
The planned redevelopment of Hillsdale Shopping Center could have mixed implications for Foster City. The proposed reduction in traditional enclosed-mall retail space may lessen direct competition for certain regional retail tenants, potentially creating opportunities for Foster City to attract businesses seeking locations on the Peninsula.
At the same time, the addition of approximately 1,670 housing units and new office development would increase the surrounding customer and employee base, which could generate additional demand for retail, dining, personal services, and entertainment uses throughout the broader trade area, including Foster City. The increased number of residents and workers could generate additional demand for regional-serving anchors such as Costco and Safeway in Foster City.
However, the redevelopment may also reinforce Hillsdale’s role as a major mixed-use regional destination. New housing and office use, combined with its established retail, dining, and entertainment offerings and direct access to Highway 101 and Caltrain, could strengthen the center’s overall market position and continue to be significant competition for destination-oriented retailers, restaurants, and entertainment operators.
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FOOD HALL AND OTHER CONCEPTS
REAL ESTATE ECONOMIC MARKET ANALYSIS – FOSTER CITY
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NEW EXPERIENTIAL RETAIL CONCEPTS BLENDING
ENTERTAINMENT, FOOD, DRINK
Characteristics Examples
Movie Theater Delivering an improved / luxury theater experience – better seating, design, and food / beverage Cinepolis, Alamo Drafthouse
Bowling Upscale and engaging lounge format Lucky Strike, Bowlmor Small format
sports / activities
Often bar-wrapped concepts that blend activities with technology and hospitality – social sports, rock climbing, ax throwing, laser tag, and trampoline parks
Puttshack, Spin Ping Pong, Bat Box, Beat,
Chicken N Pickle
Large format
conversions
Convert large vacant bldgs. into indoor / outdoor facilities that often offer a variety of activities and sports such as mini-golf, rock wall climbing Elev8 Fun, Launch Entertainment, FunBox
Franchise
Gaming and
Arcades
Arcades, escape rooms, arcade bars, pinball, virtual reality gaming, and e- sports Barcade, Beat the Bomb
Personalized Retail
Services
Clothing, accessories, and technology stores that offer showrooms, in-store services and customization Nordstrom Neighborhood
Curated Food
Halls
Food centers with diverse / curated / boutique / local businesses, small stalls, restaurants, bars, common area tables and gathering places Rodeo 39 Public Market, Anaheim Packing
House, Eataly
Interactive
Exhibits Art installations, galleries, and other cultural offerings Department of Wonder, Area15 KOSMONT COMPANIES | 29
29 Stone Brewing Beer Garden Communal Outdoor Spaces
Rodeo39 Curated Retail & Food
Upscale Design Elements
ENGAGING RETAIL
EXAMPLES
Steelcraft Container Curated Food Engaging Play Areas
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EXAMPLES OF FOOD TRUCK PARK CONCEPTS
Food truck parks are designated spaces where multiple trucks gather to offer a variety of cuisines in a casual, open-air setting with communal seating, live music / entertainment, lawn games, and other amenities (shade, trash, restrooms, power). These can revitalize areas by bringing foot traffic and supporting local entrepreneurs, catalyzing economic and social activity. Often used as an early stage toward more permanent developments. Visit California website promotes many examples of Food Truck parks across the State, including:
Smorgasburg
Los Angeles
One of the largest weekly open-air markets in the country, held every Sunday in the Arts District. Hosts almost 100 small food / retail businesses, draws thousands of visitors.
The Park
Redding
Downtown food truck park open multiple evenings per week. Rotating lineup of trucks, beer garden, live music, lawn games.
Midtown Farmers Market
Sacramento
Year-round Saturday market in Midtown that spans five block and features over 200 vendors, including farm stands and food trucks.
SPARK Social SF
San Francisco
Permanent food truck park, beer garden, event space in Mission Bay area. Open all week, rotating lineup of trucks, amenities include picnic seating, fire pits, games, events.
Off the Grid @ Leo J Ryan
Park Foster City
Wednesday night food truck event held at Leo J Ryan Park featuring food trucks, live music, activities. Community would like to see more on weekends.
Avenue 26 Family Night Market
Pico Rivera
Large family-friendly night market held of Saturdays at Pico Rivera Sports Arena. Hosts over 75 vendors and food trucks, live bands, dancers, carnival games.
Granada Hills Grubfest
Los Angeles
Occurring every Friday, it is one of the longest-running food truck events in the state, with over 30 food trucks featured.
Curbside Bites Downtown Markets
San Diego
Organization hosts weekly markets (often on temporary closed city blocks), with a rotating selection of local food trucks.
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CASE STUDIES OF FOOD HALL CONCEPTS
Kosmont researched examples of high-end food halls / public markets in urban locations to understanding retail trends that can inform the Analysis.
Key Takeaways: Curate with authentic and interesting food offerings, center around community gathering spaces and outdoor areas, support with entertainment and event options.
Packing House – 440-454 S Anaheim Blvd, Anaheim, CA
Restored historic packing house converted to a food hall featuring communal dining, outdoor picnic gardens, stages for live music
43,000 SF built in 1919, renovated in 2014
Rodeo 39 – 12885 Beach Blvd, Stanton, CA
Experiential retail / blended use multifamily housing project built on blighted 24-acre shopping center site in 2019/20; curated market centered around cultural dining, live music, games, and gathering spaces
41,000 SF Rodeo 39 Public Market; includes variety of specialty food and retail offerings serving mainly Asian demographic trade area); Land Area: portion of larger shopping center on 10 acres Rodeo 72 – 7012 Walnut Grove Dr, Whittier, CA
Restored building into new Public Market / Food hall
21,666 SF, Built 2024/25
Land Area: 1.59 AC
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CASE STUDY
STATE STREET M ARKET - LOS ALTOS
Originally a 20,000 SF 1950’s grocery store at
160 State Street in downtown Los Altos, it was
converted to a mixed-use office/retail building
and in 2021 it was reimagined as the peninsula’s
first food hall
State Street Market currently hosts 9 eateries
with a range of options from ramen to ice
cream
This retail concept is now a local destination
hosting sporting watch parties and family-
friendly events
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CASE STUDY
CASTRO VALLEY M ARKE TPLACE
The Marketplace is a 39,000 SF former Daughtery
department store that closed in 1991. After struggling
with interim uses, it was converted into a community
gathering place thanks to efforts by Castro Valley
Municipal Advisory Council.
Opening in 2021, today a mixed-use center with a
natural foods grocery, and a dozen independently
operated businesses ranging from craft stores to small
eateries
Along with retail and restaurants, the marketplace
contains gathering spaces to host holiday markets,
music and arts/crafts workshops
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CASE STUDY
OLD TOWN SAN CLEMENTE
Old T own San Clemente is located on ~0.9 AC
in downtown San Clemente, CA. The Site was
previously used for civic purposes (police / fire
station built in 1928, jail, city yard, blacksmith
shop) that was sold / converted in the mid-1970s
to restaurants and shops.
The center is a good example of a smaller scale
commercial center with historic charm, lots of
small shop spaces with unique businesses, local
restaurants, outdoor dining, etc
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Rodeo 39 is an example of an experiential retail blended use project that serves as an entertaining destination for the community.
The overall site was previously a blighted 24-acre Village Center on a major highway that had significant vacancy issues. Developer right-sized the site’s retail component to 10-acres, aiming to re-activate a “town square” environment with public spaces anchored by the 41,000 SF Rodeo 39 public market.
Food was the foundation of the public market. Rodeo 39 has been considered a great success, with the local community embracing the eclectic and engaging destination. The project also aimed to add a variety of engaging, entertaining, and experiential offerings, small stage for live music performances, retro arcade / games, boutique tattoo artists, pop-up shops, and a variety of communal seating areas.
CASE STUDY
RODE O 3 9 , STANTON
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CASE STUDIES OF CONTAINER VILLAGE PROJECTS
Downtown Container Park
Las V egas, N V
1.3-acre open-air retail / entertainment
complex built from shipping containers and
modular cubes, housing 40 small businesses.
Revitalize Fremont Street East district by
incubating local startups and provide an
attractive gathering spot.
Boxville
Ch i ca g o, I L
Shipping container mall and community
marketplace that started as one container in
2014 and grew to a year-round operation with
17 shipping containers that host up to 20
businesses. Project launched to revitalize
neighborhood by activating a vacant lot.
BLVD MRKT
Montebello, CA
8,500 SF shipping container food hall /
community space in downtown area that
opened in 2021. Repurposed a vacant city-
owned lot into a courtyard with containers
with food / beer / pop-up shops. Public-private
partnership; includes on-site incubator.
Container village projects are semi-permanent outdoor commercial spaces using steel shipping containers to house retail tenants around common seating and recreation area KOSMONT COMPANIES | 37
CASE STUDIES OF CONTAINER VILLAGE PROJECTS
Steelcraft
Bellflower, CA
Outdoor food court and communal dining area
made from 14 repurposed shipping containers
on 0.35-acre site, built in 2019. Features
15,000 SF of dining, drinking, and social space;
curated independent businesses. Privately
developed on city-owned lot.
Shipping Container Shops
Sparta, MI
Four refurbished containers installed in town
square around communal seating in rural town.
Managed by the village’s Downtown
Development Authority. Opened in 2020 as a
temporary installation to build momentum
downtown; phased-out in 2023 to make way
for more permanent redevelopments.
BeltLine Marketplace
Atlanta, GA
Shipping containers used to house six small
storefronts along Atlanta’s BeltLine trail that
launched in 2022. Collaboration between
private developers and philanthropic grant.
Providing affordable spaces for small
businesses, with business support services.
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FEASIBILITY OF A HIGH SCHOOL
REAL ESTATE ECONOMIC MARKET ANALYSIS – FOSTER CITY
KOSMONT COMPANIES | 39
FEASIBILITY OF A HIGH SCHOOL
How the Theme / Consideration Was Identified
Stakeholder input
Community Meeting
Community Survey
City Council Input
A major theme Kosmont heard from stakeholders and the community at large was the desire to have a high school campus in Foster City, as the master plan for the City envisioned and land was donated to the San Mateo School District on the east side of Foster City Blvd. Quality schools often can provide community amenities and improve local home values.
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HIGH SCHOOL
Historical and Governance Research
In the late 1970’s, demographic shifts saw a major decline in school enrollment in the peninsula, while Proposition 13 tax reductions caused uncertainty in long term funding - causing the District to cancel any expansion plans. San Mateo redeveloped the main campus in 2000-05 into a modern school with capacity for ~1,500 students to serve both cities and decided the Foster City land was “surplus” and disposed of the property selling site to a housing developer for Foster Square and giving the City 11-acre site which it leased, then sold to the Peninsula Jewish Community Center.
Demographic & Enrollment Analysis
San Mateo High School enrollment has fluctuated between 1,400 and 1,800 students for the past 50 years. SMHS enrollment has declined in past five years, as in most urban areas of the State, due to smaller family sizes, significant out-migration of families to more affordable areas such as Central Valley and Sacramento area. State projections foresee a 10% decline in Bay area enrollment in the next 10 years.
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HIGH SCHOOL – CASE STUDY
As part of the Opportunity Site assessment,
Kosmont researched the amount of land needed for
a standard high school campus and estimated
construction costs, by researching recent school
construction and California Department of
Education – Guide to School Site Analysis and
Development
Emerald High School was just opened in Dublin
CA after a several year construction project on a 25-
acre site. The construction budget with classrooms
to serve up to 2,500 students and provide a 600-seat
performing arts facility was over $300 million.
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FEASIBILITY OF A HIGH SCHOOL
Key Findings for Foster City : What We Learned
Land constraints in Foster City — No large enough developable parcels remain to accommodate a high school.
Financial constraints — Could require $200M+ capital cost. Enrollment constraints — Declining regional school age population. Governance constraints — SMUHSD control; no guarantee of a Foster City district formation.
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CREATING DOWNTOWN CORE
REAL ESTATE ECONOMIC MARKET ANALYSIS – FOSTER CITY
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DOWNTOWN CORE
How the Theme / Consideration Was Identified
Stakeholder input
Community Meeting
Community Survey
City Council Input
The community has expressed strong interest in developing a “Downtown Core” to be an outdoor gathering place with shopping, dining and entertainment for residents.
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DOWNTOWN CORE
Historical and Case Study Research
Foster City was originally planned as a suburban community with neighborhood grocery-anchored shopping centers and a commercial center on the north side of Highway 92. The road system consists of 4-lane and 6-lane high volume traffic providing access to small internal streets for half a dozen different residential neighborhoods. This road system is not ideal for typical downtowns with pedestrian friendly environment.
Foster Square development was originally envisioned to include a commercial center, but development economics pressured developer to reduce commercial space.
Many communities do not have a downtown core and have attempted to create a “downtown gathering place” as their city was built decades ago as a residential suburban community. Kosmont is currently working with the city of Eastvale, a high-income suburb in Riverside County. The City arranged to acquire a ~15-acre site to build a new civic center with an adjacent retail and dining town center around outdoor space. Kosmont is also working with City of Mission Viejo, which acquired a vacant department store to reimagine into a destination for their residents. Kosmont has herein shared some examples of projects built to create a “downtown gathering place.” KOSMONT COMPANIES | 46
CASE STUDY
EMERYVILLE PUBLIC MARKET
Emeryville Public Market was created in 1988 as part of a major revitalization project to transform industrial
warehouses into a bustling community hub.
It houses 15-20 food vendors of local food business and communal spaces with frequent event and music
programming.
The food hall is a part of a larger 15 acre warehouse conversion project that is now a mixed-use district with national brands, health and wellness services, apartments and retail shops.
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CASE STUDY
M AIN STREET CUPERTINO
Main Street Cupertino was a 2016 purpose built
“downtown” developed by Sand Hill Property to
give suburban community a central gathering place.
Set on 18 acres, Main Street is a mixed use
complex of 100,000 SF including hotel, apartments,
office and retail space centered around an
expansive town square and park.
Outdoor spaces frequently host gatherings and
seasonal events like summer concert series.
This downtown area leverages a mix of local and
national brands and walkable design to attract
regional visitors from the Bay Area.
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CASE STUDY
DOWNTOWN B R E A - BI RCH STRE E T
The City of Brea acquired property along Birch Street to create a downtown area, aiming to create a walkable, well-designed area with a mix of land uses and a sense of place. The development includes three nodes: Existing Gateway Center, Ash Street Cottages and Birch Street Promenade (pedestrian-oriented retail and entertainment).
The area includes office space, restaurants, ~200 housing units, and entertainment venues (comedy club, music clubs, movie theater).
The street features some on-street parallel parking, but the majority of parking is provided by two structured parking garages built by the City behind the buildings to encourage people to park once and walk throughout the downtown area. The City worked with developer CIM Group and architects to create a varied, interesting streetscape that feels like it was developed over a longer period of time.
The project has won multiple awards, including the 2001 California Redevelopment Association Award of Excellence in Community Revitalization. https://www.epa.gov/smartgrowth/foster-distinctive-communities-downtown-brea-brea-california
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Residential
CondosRodeo 39
Public Market
CASE STUDY
VI LL AGE CE NTE R / RODE O 3 9 , STANTON, CA
While a food hall case study, Village
Center / Rodeo 39 is also an
example of an experiential retail
and residential project that can
serve as a gathering place for the
community.
Allowing 200 market rate condo’s
was key to the financial feasibility of
the redevelopment project and
provides 16-hour per day activity.
Rodeo 39 public market has been
considered a great success with the
local community embracing the
eclectic and engaging venues.
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CASE STUDY
PALI SADE S VI LLAGE – PA C IFIC PA LISA DES, CA
Palisades Village is a ~187,000 SF retail development on ~4 AC in the downtown area of Pacific Palisades, a wealthy suburban community. Built in 2018, the outdoor shopping area was designed to have the look and feel of a typical Main Street. Palisades Village is anchored by an Erewhon grocery store and Bay Theater. The center is also home to a variety of small / boutique retailers, quick dining, restaurants, and services (~45 businesses).
Larger retailers include Sephora, Lululemon, Saint Laurent. A brick walkway runs throughout the project and functions as a pleasant, walkable promenade lined by retailers, sidewalk dining, and small park areas.
The project was designed by Gensler / Elkus Manfredi Architects for developer Rick Caruso.
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DOWNTOWN CORE OPTIONS
Opportunity Areas:
While many individuals expressed desire for Kosmont to “think big” ignoring major financial and other constraints, this Analysis focuses on relatively realistic options that can be achieved in next five years.
1. Leo J Ryan Park, home of the new community center, and the numerous activities centered around the Lagoon area is a potential foundation for a Downtown Core, as the most City community events already occur here.
2. Edgewater Place, could be reimagined as a downtown village as it is most accessible commercial center with adjacency to waterfront.
Top: Renderings of the new community center.
Source: Recreation Center Rebuild Project (https://rebuildtherec.org/en/) Bottom: Edgewater Place
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REIMAGINING LEO J RYAN PARK
AS DOWNTOWN VILLAGE
Why Leo J Ryan Is a Strong Candidate
• Central location — New community center
located along the central lagoon, making it
physically and visually the city’s centerpiece.
• Waterfront adjacency — A defining feature
that further anchor Foster City’s identity.
• Community demand — Residents
consistently express desire for dining, gathering
spaces, and a walkable destination.
• Gathering Hub — The City’s most successful
community events already occur here,
reinforcing its role as the natural gathering
place.
Photo: New Community Center
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REIMAGINING LEO J RYAN PARK
AS DOWNTOWN VILLAGE
What Could be Done?
• Support regular food service at the Community
Center through the café and dedicated food truck
infrastructure.
• Consider a semi-permanent container village to
replace the infrequent Off the Grid food trucks.
• Add a floating restaurant or wharf on Lagoon.
• Coordinate programming across the Community
Center, lagoon, Foster Square, and City Hall to help
create a more active, connected area.
• Introduce lighting and signage to connect with
Foster Square and the parking field— murals,
sculptures, and branded wayfinding “village” identity. • Upzone the multifamily sites along Lagoon for higher
density if mixed-use commercial.
Photo: Off the Grid
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REIMAGINING EDGEWATER PLACE
AS DOWNTOWN VILLAGE
Why Edgewater Place Is a Strong
Candidate
• Strong local positioning — Positioned
near the lagoon, major arterial, and
established neighborhoods.
• Waterfront adjacency — A defining
feature that further enhance Foster City’s
identity as a waterfront community.
• Community demand — Residents
consistently express desire for dining,
gathering spaces, and a walkable destination.
• New momentum — New tenants are
bringing fresh energy to Edgewater, with
more on the way.
Photo: North view of Edgewater Place
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REIMAGINING EDGEWATER PLACE
AS DOWNTOWN VILLAGE
What Could be Done?
• Add outdoor dining and café zones — encourage
restaurant seating into sidewalks and decks.
• Install pedestrian lighting and landscaping — string
lights, trees, planters, and benches to create a warm
evening atmosphere.
• Introduce public art and signage — murals,
sculptures, and branded wayfinding that signal a
“village” identity.
• Facade refresh program — coordinated paint,
awnings, and signage upgrades to unify appearance.
• Encourage local experiential tenants; cafés, wine
bars, artisan shops and coworking.
• Better activate and utilize the lagoon frontage.
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OPPORTUNITY SITES
REAL ESTATE ECONOMIC MARKET ANALYSIS – FOSTER CITY
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OPPORTUNITY SITES
Based on City Council/Stakeholder input, Kosmont evaluated the following properties for development / redevelopment / revitalization potential:
1. Vacant parcel - SWC Metro Center and Shell Blvds.
2. 1010 Metro Center (OSH)
3. 1065 Hillsdale Century Plaza
4. Vintage park (former El T orito)
5. Mariner’s Point
6. State Lands
7. Edgewater Place
8. Sea Cloud II
9. Beach Park
10. 700 Lincoln Center
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OPPORTUNITY SITE 1
– VACANT PARCEL
SWC METRO CENTER
AND SHELL BLVDS
Address (APN): N/A (094-522-350)
Lot Size: 1.36 AC (59,242 SF)
General Plan Land Use: T own Center
Commercial
Zoning: C-2 (General Business District) /
PD (Planned Development Combining
District)
Owner: MPQ Foster City Metro Center
LLC (Min H. Qiu, single owner)
2025-26 Assessed Value
Land: $8,124,100
SITE
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OPPORTUNITY SITE #1 FINDINGS
The vacant parcel at SWC of Shell and Metro Center Blvds. was identified as an opportunity site because it is a C-2 P/D zoned parcel that is located amidst retail, office, hotel and residential uses on Metro Center Blvd, a major east- west road that has ingress and egress from Hwy 92 and is adjacent to the Visa office building, across from Costco. In 2021, the owner obtained City approval for a hotel, but as a result of the pandemic, they were unable to get a financing commitment as hotel occupancy and room rates had not recovered and the entitlement has expired.
Hospitality demand has declined throughout the peninsula, challenging any near-term development opportunities.
Recommendations
Given the need for housing outlined in the Housing Element, and the adjacent residential developments ranging from Cityhomes townhouses at 15 units per acre to Metro Senior Apartments at 60 units per acre. Kosmont believes the highest and best near-term use for this site is likely a high-density residential project, with some limited ground floor commercial use due to the substantial cost of acquisition. The site could be used as interim Food Truck Park or Container Village.
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OPPORTUNITY SITE 2
– FMR. ORCHARD
SUPPLY HARDWARE
Address (APN): 1010 Metro Center Blvd.
(094-281-010)
Lot Size: 6.41 AC
Bldg. Size: 58,990 SF
General Plan Land Use: T own Center
Commercial
Zoning: C-2 (General Business District) /
PD (Planned Development District)
Owner: 1010 Metro LLC (T ranspacific
Development Southwest)
2025-26 Assessed Value
T otal AV: $17,035,000
SITE
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OPPORTUNITY SITE #2 FINDINGS
The 1010 Metro Center Blvd. property was identified as an opportunity site because it is a commercially zoned 6- acre parcel with a 50,000 SF retail building (formerly Orchard Supply Hardware) that was closed in 2019. The property was under a long-term lease with Lowe’s Corp. and therefore remained vacant as no sublease tenant could be found to pay an equivalent rent. The building is vacant; however, a Farmers’ Market operates every Saturday from 9 am to 1 pm in the parking lot.
The site is 6.35 acres with frontage on both Metro Center Boulevard and Foster City Boulevard. Approximately 2 acres of the parcel is underneath PG&E high voltage electric power lines running along the west side of Foster City Blvd. This will limit development to about 4-acres. The site is part of Housing Element sites inventory.
Resolution No. 2022-138 adopted an amendment to the T own Center Commercial General Plan designation that allows FAR from .55 to 2.0.
Ordinance 665 amended the General Development Plan for Metro Center, including 1010 Metro Center Blvd. and allows up to 222 housing units on the site.
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OPPORTUNITY SITE #2 RECOMMENDATIONS
The site is one of the best located sites in the City with direct freeway access, as well as convenient access to services, transit, parks and civic amenities. Development of the site will not impact existing residential neighborhoods.
The main entrance on Metro Center Boulevard is opposite the SR 92 eastbound on- and off-ramps. The site is bordered by the four-story Century Plaza office building and the one-story KinderCare building at 1006 Metro Center Boulevard. Also near the rear of the property is the eight-story Parkside T owers building. Although the property has an existing building and improvements on the site, there is no current lease that would impede redevelopment. Given that it is very likely that the site will be redeveloped with a mix of commercial and residential uses.
Kosmont believes the property is a prime commercial development site due to its location at the intersection of Foster City Blvd., Metro Center Blvd. and the Hwy 92 on/offramp ramp. It could accommodate 20,000 SF food hall and close to 200 residential units or 100% retail uses.
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Address (APN): 1065 E. Hillsdale Blvd.
(094-524-180)
Lot Size: 5.13 AC (223,463 SF)
Bldg. Size: 116,972 SF
General Plan Land Use: T own Center
Commercial
Zoning: C-2 (General Business District) / PD
(Planned Development Combining District)
Owner: DWF IV Century Plaza LLC
(Divco West Services, LLC)
2025-26 Assessed Value
Land: $23,436,083
Improvements: $24,103,000
T otal AV: $47,759,000
OPPORTUNITY SITE 3
CENTURY PLAZA
OFFICE
SITE
O pp. Site #2 –
Fmr. Orchard
Supply Hardware
Foster City
Ci ty Hall
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OPPORTUNITY SITE #3 FINDINGS
1065 E. Hillsdale Blvd. was identified as an opportunity site because it is 5.13-acre parcel with an existing 4- story office building zoned C-2/PD with a current high
vacancy rate of 90%.
In 2022, the owner requested approval of conversion of up to 75% of the existing office building to Research & Development (R&D) (approximately 87,000 square feet
of the 115,629 square foot office building). Subsequently, the applicant also requested approval for an
approximately 5,200 square-foot, stand-alone outdoor
pavilion structure. However, the approved developments
were never implemented.
www.fostercity.org/420/1065-E-Hillsdale-Blvd-RestaurantRetail-P KOSMONT COMPANIES | 65
OPPORTUNITY SITE #3 RECOMMENDATIONS
The General Plan Land Use Category for the Site, Tow n Center Commercial. It reads “the Tow n Center area is intended to serve as Foster City’s downtown core and allows for a mix of uses, including residential, commercial office, retail, service and compatible research and development (R&D).” Kosmont envisions the broader area- including the new Community Center, Leo J Ryan, Foster Square, Civic Center, Century Plaza, Parkside Towe r s and Metro Center- as an “Integrated Downtown Village” as laid out in the General Plan. The vision for the “Downtown Village”, is to strengthen connections among civic, recreational, residential, commercial and community destination.
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OPPORTUNITY SITE #3 RECOMMENDATIONS
Adaptive reuse of the office building into residential
The conversion of existing office buildings to residential or mixed-use development has emerged as an important adaptive reuse strategy in areas experiencing office market vacancies and housing demand due to the region’s housing shortage. Many architectural firms specialize in converting office into residential. The site is well positioned for adaptive reuse.
It will support the City’s efforts to advance its RHNA goals. Adaptive reuse could accommodate a ground-floor childcare facility to help address regional need; San Mateo County currently meets only about 73% of estimated demand for
licensed childcare, leaving nearly 9,000 children without space (source: www.smcgov.org)
Example: 100 Van Ness in San Francisco– Office converted into 418 units Source: www. scb.com/project/100-van-ness/
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Vintage Park Dr.
Chess Dr.
Address (APN): 388 Vintage Park Dr.
(094-901-270)
Lot Size: 2.20 AC (95,832 SF)
General Plan Land Use: Research/Office
Park
Zoning: C-M (Commercial Mix District) /
PD (Planned Development District)
Owner : W-SW 388 Owner IX LP
(Helios Real Estate Partners)
2025-26 Assessed Value
T otal AV: $14,220,993
OPPORTUNITY SITE 4
– 388 VINTAGE PARK
DR.
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OPPORTUNITY SITE #4 FINDINGS
388 Vintage Park was identified as an opportunity site. It is 2.2-acre site of a former El T orito. Ordinance 652 in 2022 approved the site from restaurant to R&D use (C-M/PD zoning). Owner has been unsuccessful in finding R&D tenant and the project remains unbuilt.
The site is well located amidst a major concentration of retail (Bridgepointe, Home Depot etc.), two (2) hotels, and employment uses with easy access from residential area along the Vintage Park Drive entrance to Gilead campus, within walking distance for several thousand employees. Kosmont believes this site is well suited for a 20,000 – 30,000 SF food hall/entertainment concept similar to those mentioned earlier. The City will need another rezoning to revert this to some form of retail uses.
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Address (APN): N/A (094-130-010)
Lot Size: 82.2 AC
General Plan Land Use: Research/Office
Park
Zoning: C-M (Commercial Mix District) /
PD (Planned Development District)
Owner: Estero Municipal Improvement
District
Lessee: V.B. Golf, LLC
2025-26 Assessed Value (EXEMPT)
T otal AV: $0
E. 3
rd
Ave.
Mariners
Island Blvd.
E. 3
rd
Ave.
OPPORTUNITY SITE 5
– MARINERS POINT
SITE
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OPPORTUNITY SITE #5 FINDINGS
Mariner’s Point Golf Center was identified by many as an opportunity site given the sizeable acreage and bay frontage. The property is owned by EMID and the current lease to V.B. Golf LLC was just extended through Dec. 2031. The base rent is $450,000 plus percentage rents yielding ~$850,000 annually, plus a 6% capital improvement reserve.
Kosmont believes that the City receives an excellent return on investment for asset, but there are additional opportunities that exist.
The driving range has two levels offering food and beverage service opportunity similar to T op Golf. The range was recently expanded and is heavily utilized.
Kosmont interviewed the manager who said the current facility is limited to serving groups of about 40 people and could benefit from additional event space and better bay views, though wind conditions present challenges for outdoor dining. The conversation also covered parking limitations with the course currently having about 210 stalls after recent additions, and the diverse customer base that includes local residents and visitors from throughout the Bay Area, particularly for night golf operations (only golf course on peninsula with lights). Ironwoods Bar & Grill on the Presidio Golf Course is an example of food and beverage facility that could be done.
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OPPORTUNITY SITE #5 RECOMMENDATIONS
Key Opportunity / Recommendation: Kosmont recommends upgrading the golf course and driving range facility to add commercial food service uses taking advantage of the Bay view. In order to accommodate the extra parking needed, there was a discussion focused on a state-owned parcel between the main and auxiliary driveways that could potentially be developed without wetlands concerns, though it would require trading with the State. Expansion Potential: Discussed potential expansion opportunities at the property, including adding more parking and building a new clubhouse with a deck overlooking the Bay to accommodate larger functions beyond the current 40-person capacity limit.
Operator Limitations: Lessee indicated they could fund construction of new facilities, but would need to bring in a professional operator for a restaurant or event space, as they lack expertise in food service operations. Regulatory Requirements: Commercial development would require bringing in a professional operator through an RFP process.
Professional Services Need: May want to hre an architect to design potential commercial concepts. Parking: Work with State to obtain lease/easement to allow public parking on the state-owned land to the east of the Mariner’s Island Blvd. entranceway. Alternatively, the northern extension of Lakeside Drive across 3 rd
Ave
provides parking opportunity near the driving range fence.
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Address (APN): N/A
(094-130-060, -070, -080, -100)
T otal Lot Size: 36.7 AC , broken into three
areas by internal driveways accessing the
golf course
General Plan Land Use: Research/Office
Park
Zoning: C-M (Commercial Mix District) /
PD (Planned Development District)
Owner: City of Foster City (-070); State
Dept. of Transportation (-060); State of
CA Lands Commission (-080 and -100)
2025-26 Assessed Value (EXEMPT)
T otal AV: $0
OPPORTUNITY SITE 6
– STATE LANDS
SITE
E. 3
rd
Ave.
Mariners
Island Blvd.
E. 3
rd
Ave.
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OPPORTUNITY SITE #6 FINDINGS
The State of California land was identified as an opportunity site because it is a +36-acre vacant site fronting on 3rd Avenue and providing three access roads to the Mariners Point Golf Center. The site is zoned C-M/PD with General Plan designation for Research Office Park. State has shown no interest in commercial development, but given it has allowed 3rd Ave. vehicle access and parking on three different roadways, requesting an easement for public parking on a small portion of the site seems possible.
CalTrans indicated that they were holding the vacant property for mitigation during City discussions regarding Housing Element. Perhaps the City could find an alternative site that could be swapped with CalTrans. Caltrans has a long history of transferring, relinquishing, or selling land to cities when the property is no longer needed for state highway purposes. These actions often support redevelopment, housing, civic centers, and transportation improvements.
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SITE
Address 901-999 Edgewater Blvd.
APN (094-541-070)
Lot Size: 8.24 AC (358,900 SF)
Bldg. Size: 111,809 SF
General Plan Land Use: Neighborhood
Commercial
Zoning: C-1 (Neighborhood Business
District) / PD (Planned Development)
Owner: Edgewater Holding Corp.
2025-26 Assessed Value
Land: $8,559,000
Improvements: $12,557,000
T otal AV: $21,117,000
OPPORTUNITY SITE 7
– EDGEWATER PLACE
SHOPPING CENTER
Note: Parcels have recently been merged.
It is just one parcel now (094-541-070)
Edgewater Blvd.
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OPPORTUNITY SITE #7 FINDINGS
Edgewater Place was identified by Council as opportunity site due to significant ~8.2-acre size and substantial vacant space with waterfront location zoned C-1/PD. This is the largest retail shopping center in the City, but it contains low sales tax generating uses due to Grocery store and many personal service businesses. Kosmont interviewed management/leasing representatives to understand opportunities and challenges. The property is located at intersection of Beach Park Blvd. and Edgewater Blvd, a street with access to several housing units south of the center, but no through traffic outside the City limits, presenting challenges to attracting significant commercial tenants. As part of the outreach, Kosmont interviewed the property manager and real estate broker. Representatives discussed plans for a children's activity space that would include gymnastics and fall games aimed at keeping kids active rather than screen-dependent.
The Osaka store, which opened in December, is reported to be performing well on weekends. Proposals have been received for two dining spaces along the docks, one 3,700 SF and 4,000 SF, with discussions ongoing with potential restaurant tenants. They mentioned that Sana Cafe, a Yemeni coffee concept and Woodside Deli, a 50-year-old business, have signed leases and are under construction or obtaining permits.
Management confirmed that residential development was previously considered, but rejected by the City a decade ago. However, the ownership remains interested in mixed-use development opportunities. Discussed challenges with neighborhood opposition to late-night activities and lighting at the center. (e.g., opposition to a proposed 24-foot monument sign to identify tenants.
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OPPORTUNITY SITE #7 RECOMMENDATIONS
Kosmont believes there are several opportunities to be examined for Edgewater Place. The center requires substantial landscape, hardscape, open space and building facade improvements to create an appealing / walkable ambience.
Center may be too large to stay 100% commercial.
Given its size, breadth of uses and waterfront location (with two boat docks), center could be a “downtown village” for Foster City residents. Kosmont has identified Edgewater Place as a downtown village as part of downtown core feasibility.
T o improve economic feasibility, the City could consider allowing a modest amount of medium density housing as a buffer to the south.
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SITE
S ea Cl ou d
Park
Address (APN): 100 Sea Cloud Dr.
(097-080-050)
T otal Lot Size: 45.9 AC (2.0M SF);
Undeveloped Site Opportunity: ~22.4 AC
(~975,700 SF)
General Plan Land Use: Parks and
Recreation
Zoning: OSC (Open Space and
Conservation District)
Owner: City of Foster City
2025-26 Assessed Value (EXEMPT)
Land: $0
Improvements: $0
T otal AV: $0
OPPORTUNITY SITE 8
– SEA CLOUD II
KOSMONT COMPANIES | 78
OPPORTUNITY SITE #8 FINDINGS
SeaCloud II was identified as a potential opportunity site as it is a 21-acre vacant parcel on the east edge of Sea Cloud Park, a 23-acre home to youth baseball and soccer fields and play apparatus. It is zoned Open Space and Conservation. Once ecologically rich marshland, the site was filled with dredged material from the Foster City Lagoon and today includes areas of seasonal wetland supporting a mix of native and invasive vegetation, with protected bird species observed nesting. Despite its scenic value, the area is currently fenced off and inaccessible to the public. The site presents an opportunity to expand parkland, create new nature- based recreational experiences, and enhance wildlife habitat. Due to the potential presence of wetland and sensitive habitat areas, further study is needed to assess the site’s ecological constraints and recreational potential, as well as its suitability for future dredge disposal from the Foster City Lagoon, which is scheduled for upcoming maintenance. The site is in a remote location with no apparent automobile access, surrounded by the Lagoon and Sea Cloud Park making commercial use problematic.
The recently adopted Foster City Parks and Open Space Element, includes this for the site: “with further study, community visioning, and targeted improvements, it has the potential to become a valuable ecological resource and a recreation asset.” KOSMONT COMPANIES | 79
OPPORTUNITY SITE #8 RECOMMENDATIONS
Given the need for more sports and recreation facilities in the City, Kosmont believes the site could be utilized for more sport fields including tennis and pickleball courts and perhaps a public swimming pool, freeing up land adjacent to the community center.
Environmental assessment/remediation may be needed to permit active sports and assess the site’s ecological constraints and recreational potential, as well as its suitability for future dredge disposal from the Foster City Lagoon, which is scheduled for upcoming maintenance.
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Address (APN): 1601 Beach Park Blvd.
(094-211-550)
Lot Size: 1.31 AC (57,064 SF)
Bldg. Size: 6,572 SF
General Plan Land Use: T wo Family
Residential
Zoning: R-2 (T wo Family Residence District)
/ PD (Planned Development Combining
District)
Owner: 1601 Beach Park LLC
(G. H. Dababo [agent])
2025-26 Assessed Value
Land: $960,605
Improvements: $960,605
T otal AV: $1,921,210
OPPORTUNITY SITE 9
– 1601 BEACH PARK
BLVD.
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OPPORTUNITY SITE #9 FINDINGS
1601 Beach Park Blvd. was identified as an opportunity site because it is 1.3-acre former church site with R-2/PD two-family residential (duplex) zoning that allows 10 units per acre. Owner tried to obtained approval for ~30- unit townhome project several years ago, but City reportedly would not allow more than 16 housing units. The site is located amidst single family housing, but with frontage on the SF Bay Trail Beach Park Plaza shopping center is located nearby and is 100% occupied with a concentration of retail / restaurant and service businesses.
Given the Housing Element designation as a housing site, Kosmont believes there is limited market opportunity for mixed-use with 5,000 SF of neighborhood commercial and up to 20 3-story townhomes. T ownhome development is the most appropriate use as it help the City meet its Regional Housing Needs Allocation (“RHNA”) by adding moderate-density housing in infill areas. T ownhomes represent a more attainable homeownership option compared with single-family homes. T ownhomes increase housing supply without high-rise development, maintaining neighborhood character. T ownhome densities typically range from 14–20 dwelling units per acre, aligning well with the physical characteristics and size of the site.
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Address (APN): 700 Lincoln Centre Dr.
(094-532-420)
Lot Size: 5.34 AC (232,610 SF)
General Plan Land Use: Research/Office
Park
Zoning: C-M (Commercial Mix District) /
PD (Planned Development District)
Owner: BMR Lincoln Centre II LP
(BioMed Realty)
2025-26 Assessed Value
Land: $37,147,000
Improvements: $12,180,000
T otal AV: $49,327,000
OPPORTUNITY SITE 10
– 700 LINCOLN
CENTRE DR.
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OPPORTUNITY SITE #10 FINDINGS
The vacant Lincoln Center parcel was identified by City as potential commercial opportunity site due to the large vacant land area with necessary infrastructure located within a commercial district. Kosmont observed that the vacant parcel has poor visibility and no direct access from a major thoroughfare (e.g., 3rd Ave.).
Kosmont interviewed the property owner BioMed Realty and found that they have invested substantial dollars to design and entitle a new mid-rise R&D research building to complete the campus. BioMed sees strong demand for additional R&D tenancy.
Given the massive investment ownership has in this R&D campus, Kosmont does not believe the City should consider retail/entertainment uses on the site.
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OTHER OPPORTUNITY SITES
Based on stakeholder and community input, Kosmont looked at three other sites:
Triton Plaza is a recent high density residential over commercial project with minimal small scale retail spaces occupied. Due to lack of through traffic and an anchor tenant, the City should work with owners to find alternative uses (e.g., live/work) for the vacant ground floor spaces. Metro Center is Safeway anchored neighborhood center with several large office buildings with a large surface parking lot fronting on Leo J Ryan Park and Lagoon. Unfortunately, the site is under multiple leasehold holders, including Safeway and CVS drug, with reciprocal easements that makes redevelopment very difficult. There are several large low density apartment projects along the Lagoon that are over 50 years old. Given the importance of greater utilization of the waterfront, the new community Center and the significant value of residential development in Foster City, several major stakeholders suggested that redevelopment of these facilities as medium density mixed use residential and commercial could be catalyst for a “downtown core”. For example, Harbor Cove Apts which the Housing Element lists as possible new housing with the max density of 35 units per acre, with existing use at 26 per acre. If City would consider 60 units per acre higher density along waterfront, it could also accommodate commercial uses.
KOSMONT COMPANIES | 85
WHAT NEXT?
2301 Rosecrans Ave., Suite 4140
El Segundo, CA 90245
TEL: 424-297-1070 | URL: www.kosmont.com
Opportunity Sites - Council feedback / direction
Draft Real Estate Economic Market Analysis (tentative Sept 2026)