The city council has given a Redwood City developer exclusive rights to construct residential units as part of the city's Wheeler Plaza redevelopment project.
Under the plan, discussed at Monday night's city council meeting, Silverstone Communities-Northern California LLC, will be required to submit potential delopment ideas to the city by November 12.
The redevelopment of Wheeler Plaza has been two years in the making. The 1.5-acre parcel of land located west of El Camino Real is surrounded by prominent retail shops and offices on Laurel Street and San Carlos Ave.
Silverstone Communities is a developer specializing in housing within surburban downtown areas and is known primarily for building single-family homes. The company currently has five Bay Area projects, including Santa Clara, San Jose, Millbrae, Los Altos and Pleasanton. Combined revenue from those projects exceeds $330 million.
According to the agreement, Silverstone will propose a site plan and development schedule on Nov. 12. On Dec. 2, a community-wide meeting will be held to discuss future projects.
Final project approval is not expected for more than a year as the environmental site review isn't scheduled until October 2011.