Next month, work will begin on constructing pedestrian walkways on the Pleasanton and Dublin sides of the new BART station as the project continues on pace for a late 2009 opening. But development on apartments, retail shops and a hotel all walking distance to the rail station has stalled.
"We're on hold right now until the capital markets loosen up and we're able to secure some adequate construction financing," said Eric Heffner, vice president of Windstar Communities.
La Jolla-based Windstar received approval from the City Council in September for a 350-unit apartment complex adjacent to the rail station and parking structure on Stoneridge Mall Road and had planned to complete construction to coincide with the new station opening.
The transit-oriented development was planned to have mostly one- and two-bedroom apartments where residents are close enough to access BART on foot. The plan includes 70 affordable apartments for low- to very-low-income tenants with rents for those designated as affordable starting at $861 for a one-bedroom.
Plans for the four-story buildings call for ground-floor retail, including space for a smaller, urban grocery store that would serve apartment dwellers and nearby Hacienda Business Park workers.
Windstar also has approval for a 210-unit apartment building and office space on the Dublin side off Golden Gate Drive, now also on hold. Plans on the Dublin side had previously envisioned a hotel, but Heffner said that may not be a viable market option any longer.
"There's no marketplace to build a hotel now that they're in a slump industry-wide," Heffner said. "Until the economy picks up, there's little demand for a hotel site."
The West Dublin/Pleasanton BART station, which will soon break up a 10-mile gap between the Castro Valley and Dublin/Pleasanton stations, will be the 44th in the transit system. Riders will board trains via the pedestrian bridges that lead to the median on Interstate 580.
BART spokeswoman Luna Salaver said the $80-million price tag is already funded, with one-quarter of the financing coming from private partnerships, $50 million from BART revenue and $15 million from local and state funding.
She declined to give a specific opening timeframe for the station, saying completion is dependent on when the pedestrian walkways are finished.