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ATTY/RESO.0114/CC RESO APPROVING MODIFICATION TO ELCO YARD PROJECT
<br />REV: 11-19-25 VR
<br />Page 1 of 5
<br />RESOLUTION NO. 16370
<br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD
<br />CITY APPROVING MODIFICATIONS TO THE SOUTH MAIN MIXED-USE
<br />(RENAMED ELCO YARDS) PROJECT GENERALLY LOCATED AT 1601
<br />EL CAMINO REAL, INCLUDING REVISED CONDITIONS OF
<br />APPROVAL, STATE DENSITY BONUS LAW BONUSES,
<br />CONCESSIONS AND WAIVERS, AND A REVISED AFFORDABLE
<br />HOUSING PLAN (PREVIOUSLY APPROVED BY RESOLUTION NO.
<br />15908)
<br />WHEREAS, on November 16, 2020, the City Council approved the application
<br />prepared by Greystar (“Applicant”) for an Architectural Permit (AP2018-05), Planned
<br />Development Permit (PD2020-02), Downtown Planned Community Permit (DPC2019-
<br />02), Use Permit (UP2018-03), Vesting Tentative Map (TM2018-02), State Density Bonus
<br />Law bonuses, concessions, and parking ratios, and an Affordable Housing Plan for the
<br />South Main Mixed-Use project (“Original Project”), including 530,000 sq. ft. of office, 540
<br />residential units (including 147 affordable units), 28,000 sq. ft. of retail (including 19,000
<br />sq. ft. family-friendly entertainment), 8,400 sq. ft. of child care and 40,000 sq. fl. of
<br />publicly-accessible open space (square footages are approximate) located between El
<br />Camino Real, Maple, Cedar and Main streets and an offsite affordable housing
<br />development at 1304 El Camino Real, (the “Project”), which is located within the Mixed
<br />Use Corridor El Camino Real Zoning District (Parcels A- B), Mixed-Use Transitional
<br />(Parcels C, D, E-North), Mixed-Use Transitional - Emergency Shelter Overlay (Parcel E-
<br />South), and Downtown Precise Plan (Parcel F); and
<br />WHEREAS, On November 16, 2020, the City Council, in Resolution No. 15907,
<br />certified the Final Environmental Impact Report (SCH # 2019070208) for the Elco Yards
<br />Project [formerly the South Main Mixed-Use Development Project (1601 El Camino Real)]
<br />and adopted a statement of overriding considerations and a mitigation monitoring and
<br />reporting program (MMRP) pursuant to the California Environmental Quality Act (CEQA),
<br />and in conjunction approved the project; and
<br />WHEREAS, in February of 2022, the Project was sold to IQHQ (“Commercial
<br />Developer”); however, the Applicant retained the offsite affordable housing development
<br />at 1304 El Camino (Parcel F) containing 38 affordable housing units and 1 managers unit.
<br />The first permit was issued in February of 2022 for the 39-unit affordable housing building
<br />on Parcel F. Construction on the commercial development followed with permits issued
<br />in June of 2022 on the office portion of the project on Parcels B, C, and E; and
<br />WHEREAS, in January of 2025, the Developer partnered with High Street
<br />Residential, a subsidiary of Trammell Crow Company (“Housing Developer”) to purchase
<br />and develop the remaining 501 residential units on Parcels A and D; and
<br />WHEREAS, in October of 2025, the Commercial Developer and Housing
<br />Developer (collectively “Developer”) submitted a request to amend the Project conditions,
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