Sares Regis is a real estate developer with a combined portfolio of property and fee-based management contracts valued at more than $4 billion, including 14,000 apartments and 14 million square feet of office and industrial space. Currently, the company has more than 6.5 million square feet of commercial properties and approximately 2,000 residential units under development
A privately held company, it is headquartered in Irvine, California with regional offices in Phoenix and Denver. It maintains other California offices in Sacramento, San Mateo, and Oxnard.
Sares Regis was selected to be the Mirabella developer by the city, but is also involved in the other components of the city's massive development plan. This will include the Mirabella, the Pilgrim Triton Project and the Chess Offices (Hatch) project.
Listed below are the issues pertaining to Sares Regis.
(1) Building Private Property on Public Land
Sares Regis is well on the way to get full permission from the City Council to build Mirabella on public land in Foster City. The process has
included a change of zoning designation. Use of a private developer on the last and most valuable piece of public land for private, while
residents and the public at large have a need for it, is an extremely disturbing situation.
Sares Regis should build their development projects on private land and not use public land for their projects. They should not deprive the
residents of Foster City and the public at large of the use and benefit of the last available piece of build-able public land in Foster City.
(2) Building of Towers Given the City’s State
Sares Regis has plans to build numerous towering high-density buildings in Foster City at a time when there is persistent excess supply
and the city is already built to full capacity in terms of density, supply and demand condition, and adequacy of infrastructures, facilities, and
services.
The proposed plans of Sares Regis do not seem to fully account the resulting condition of the residents and the environment. For
instance, the tallest of the Triton Towers will be 200 to 300 feet away from single and two story residential homes and will have create
negative impacts on the residents. Unfortunately our city planning policies do not protect those homeowners much. Why build 8 story
towers? Why not limit the height to two stories or four stories?
(3) Safety of Seniors
There are serious concerns about the plan of Sares Regis to build the Mirabella with its soaring heights in land-filled and earthquake-prone
Foster City to house a number of Seniors. In particular, is concern for the safety of Seniors who will reside in high-density towers
considering they are not the most adept nor physically equipped to handle emergencies.
(3) Dominant Developer for Proposed Projects
Sares Regis has gained a position in most major development in Foster City. City officials many be less inclined to submit to all requests of
the developer if the situation was not "winner take all".
(4) Need for Sares Regis to be a Socially-Responsible Developer
The pursuit of profit is a good objective. However, when it is pursued as an objective per se, without regard for the welfare of society, it
becomes harmful and unacceptable.
Sares Regis should not profit at the expense of Foster City Residents -- at the loss of their public land and the deterioration of their
community and quality of life.
In the light of the foregoing, we invoke upon Sares Regis to be a socially responsible developer.
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