Belmont Parcel to be Redeveloped with 125 Affordable Units

Marcus & Millichap closed the sale of a 1.24-acre parcel of land located in Belmont for an undisclosed sum. The site formerly contained the Bel-Mateo Motel, which stood on the property for more than 70 years.

Richard Reisman, first VP investments in Marcus & Millichap’s Palo Alto office and Tom Doglio, SVP investments in the Palo Alto office, marketed the property on behalf of an individual/personal trust. The buyer, Santa-Clara-based ROEM Development Corporation, was procured by Reisman and Doglio.

“The land will be redeveloped for a 125-unit rental project with all units qualifying as ‘affordable’ housing, in which ROEM Development Corporation is specialized and has a long record in the Bay Area,” said Reisman. “Certain physical site characteristics and high current excavation and construction costs necessitated a longer escrow to enable the developer to secure the financing.”

The parcel is located at 803 Belmont Ave. in Belmont. “Central San Mateo County has a high barrier to entry, reducing significant affordable housing projects being completed there compared to other parts of the county and other Bay Area counties,” Reisman said.