Pricing records on landmark mixed-use developments in Mountain View, South San Francisco, and Alameda. Ground-up multifamily, TOD, and entitled-site advisory above $10M.
The combination of state density-bonus law (SB-9, SB-10, SB-330), accelerated CEQA streamlining for housing, and persistent housing shortage has made entitled mixed-use development sites the most strategically valuable land in the Bay Area. The capital pursuing this product is institutional and increasing: traditional multifamily REITs, mission-driven impact funds, and sovereign capital with long-duration mandates all see mixed-use as the right play.
Pricing on entitled mixed-use sites has tightened materially. Cap rates on the stabilized component, residual land value on the development component, and the developer's view of execution risk all factor into the bid. National-platform brokers tend to underestimate the entitlements component; family-office buyers tend to overestimate the construction-cost component. The institutional broker's job is to calibrate both.
The deal flow we're seeing: ground-floor retail under stabilized multifamily, TOD adjacent to BART/Caltrain, and value-engineered density-bonus product. Each has a different buyer pool and different optimal pricing strategy.
Entitlement diligence. Every mixed-use mandate starts with a clean read on entitlements — what's vested, what's conditional, what's at risk, and what's the realistic timeline to fully entitled. Buyers price entitlements precisely; sellers should know exactly what they're delivering.
Construction-cost calibration. Bay Area construction costs have moved 30% in three years. Pricing the residual land value requires current cost data, not a 2022 cost study. We bring active construction-cost intelligence from current institutional comparables into every mixed-use underwriting.
Density-bonus optionality. For sites with unrealized density-bonus potential, we model both the entitled-yield value and the maximum-yield value. The right buyer often prices for the upside; the right pricing strategy captures it.
Ground-floor retail tenant strategy. Where mixed-use product includes ground-floor retail, the tenant strategy matters to the buyer's underwriting. Pre-leased Class A retail commands a premium; unleased speculative retail discounts the deal. We help sellers position the retail component for maximum execution value.
If you're sitting on an entitled site, a partially entitled assemblage, or a recently completed mixed-use project — a 30-minute confidential read on current pricing, the active buyer pool, and the right execution path is the cheapest insurance you can buy.