Kimco Looks to Redevelop Fremont Retail Center into Housing

Kimco Realty Corp. continues to adjust to today’s commercial real estate demands, as the firm that typically focuses on retail properties, has pitched plans to redevelop a portion of Fremont, CA’s Gateway Plaza shopping center into a multifamily community. According to the Silicon Valley Business Journal, the project would consist of 206 units and a 265-spot garage.

Kimco’s website indicates the company is actively looking to invest in multifamily and hotel properties, in addition to its retail assets. Kimco has also recently proposed redeveloping The Fremont Hub, another nearby retail center into 314 apartment units, as well as a 400-unit project at Cambrian Park Plaza in San Jose, CA.

The Gateway Plaza, which Kimco purchased in 2021, is an open air shopping center located at Paseo Padre Parkway and Walnut Avenue. The property’s tenants include Raley’s grocery store, Vitality Bowls and 24 Hour Fitness, which occupies the 26,500-square-foot building that Kimco is looking to redevelop.