Belvedere Land Co. property swaps set stage for housing development

The Belvedere Land Co. has completed a $63.5 million ownership restructuring among its family investors, consolidating control of 70 units across 15 properties one day after the city submitted its 2023-2031 housing element to the state for certification.

Though The Boardwalk shopping center does not appear on the Dec. 12 transaction list, the internal moves were largely designed around simplifying the ownership structure of the downtown site to facilitate anticipated mixed-use redevelopment there, Land Co. family representative Jim Allen said last week.

Allen said property swaps narrowing The Boardwalk ownership group shifted equity among existing family owners, with each family group now controlling whole properties rather than fractional pieces across the portfolio. The swaps range from 532 San Rafael Ave., valued at $1.23 million and representing two units at 528, 532 and 536 San Rafael Ave., to the $18.4 million Ark apartments complex at 7 Cove Road site, a three-building, 20-unit parcel that also includes 11 Cove Road and 25 Beach Road.

The timing of the Land Co. restructuring is significant. It follows a multiyear effort in which Belvedere was required to plan for at least 160 new housing units. The city tailored 87 of those — 73 at The Boardwalk alone — to Land Co. properties. The City Council adopted its state-mandated housing element and associated rezoning Dec. 8, formalizing zoning revisions the company indicated as necessary in an August 2022 interest letter and including targeted incentives to help ensure redevelopment makes sense financially.

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