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SOURCE Gruen Gruen + Associates
Development would also become Millbrae's largest location for employment
SAN JOSE, Calif., Jan. 11, 2018 /PRNewswire/ -- Today, nationally recognized urban economists, Gruen Gruen + Associates (GG+A), released key findings that they will share with the Millbrae City Council on January 23, 2018.
In analyzing the potential economic benefits of the proposed Gateway at Millbrae Station development project, GG+A estimated that, at full occupancy, Gateway at Millbrae Station would employ approximately 1,100 new workers, which would be more than the 964 jobs currently generated by Millbrae's five largest employers combined.
"From the beginning, we have always recognized the community empowerment aspect of our Gateway at Millbrae Station project," said Michael Van Every, President/Chief Executive Officer, Republic Urban Properties. "The Gateway project is so unique because it helps improve and enhance BART transit ridership at the Millbrae Station while assisting veterans with affordable housing along with the dramatic positive economic effect on the Millbrae economy and city's general fund."
In addition to the direct financial benefit the employment would create for residents and small businesses, the development would also create a major increase for the City's general fund. When looking at the project's net annual fiscal impact, the GG+A findings demonstrate that Gateway at Millbrae Station would generate $1,258,229 in annual net revenue for the City. The net annual surplus estimated to result from the development represents about 4% of the City's general fund operating expenses. The revenue could be used by city officials to pay for critical quality-of-life services such as police, fire, community centers and neighborhood parks.
Upon completion of the development, GG+A estimates that the total value of the Gateway at Millbrae Station development would be $391 million, about 1.75 times the total valuation of the five biggest property tax payers in the City of Millbrae with a total of $225 million as of fiscal year 2015-16.
"The results of the economic and fiscal analysis show that the economic and fiscal base of Millbrae will be significantly enhanced by the development and occupancy of the Millbrae at Gateway Station development," said Aaron Gruen, Principal, Gruen Gruen + Associates. "The development will increase local job opportunities, enhance eating and drinking and other retail services available to residents, workers and visitors to Millbrae, and increase revenues available to provide municipal services."
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