A North Bay developer is advancing two major downtown Santa Rosa projects to transform an old train yard and a parking lot into hundreds of new homes while seeking to convert a one-way street into a pedestrian mall.
Cornerstone Properties of Petaluma, which has generally focused on commercial real estate, is set to present proposals for its first residential projects, which would redevelop about half of the former train yard west of the downtown SMART station and a parking lot at Mendocino Avenue and Ross Street.
Both projects fit into larger sites of potential redevelopment by Cornerstone, as the company owns the other half of the old train yard as well as the office building adjacent to the Ross Street parking lot at 427 Mendocino Ave., rented for now by The Press Democrat. Cornerstone and the city have entered into a development agreement for the site.
Cornerstone also is in conversations with Santa Rosa about purchasing the city-owned parking lot across from the Santa Rosa Plaza mall on B Street, said Pauline Block, the marketing and development director for Cornerstone.
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