Construction recently kicked off on a mixed-use four-story residential and office building on Cowper Avenue, near the Palo Alto Caltrain station. Because there is so much demand in the area and new construction there is so rare,developers R & M Properties are aiming for prices of $1,500 per square foot for the residential portion, which will consist of a massive 5,000 square foot condo with private elevator access. That condo alone could bring in a price of$7.5 million. The 30,000 square feet of office space on the first three floors already has a tenant, although there’s no word on who that may be. The new building, designed by architecture firm The Hayes Group, is expected to be complete by the end of 2015.
Source: SF Business Times