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Consultant hired for Foster City real‑estate market study; council pushes for broad outreach
Summary
Council authorized a real‑estate market analysis with Cosmont Companies; consultant Ken Hira outlined a 6–8 month study including market indicators, vacancy analysis, Placer AI mobility data and stakeholder interviews to guide opportunity‑site recommendations.
City staff told the council the city has authorized an agreement with Cosmont Companies to perform a comprehensive real‑estate and market analysis, and introduced consultant Ken Hira to kick off the study. Hira said the project will include a baseline inventory of existing properties, vacancy and lease‑rate trends, a demographic/psychographic analysis using ESRI, and Placer AI to capture trip patterns and trade areas. He said the team will pursue stakeholder outreach, including one‑on‑one interviews with council members, local brokers, major employers and community groups, and deliver a final action plan in six to eight months.
Council members urged an inclusive outreach list that ranges from neighborhood mom‑and‑pop businesses to large employers (members specifically mentioned Gilead and Replit) and recommended meeting at commuting times to observe traffic patterns. Hira said the plan is to return to council with progress updates and refine focus areas based on early data and community input.
Why it matters: the study will inform retention and attraction strategies for commercial tenants, opportunity‑site assessments and possible public‑private tools such as value capture or density incentives. Staff said some projects (e.g., redevelopment review at Metro Center) are already active and the consultant will assess feasibility and alignment with market conditions.
