Prometheus Expands Real Estate Holdings in San Mateo
Prometheus Real Estate Group is expanding its property portfolio in downtown San Mateo, California. The company has been actively developing in the area since it completed its Brickline building approximately two and a half years ago.
The recently completed Brickline building, a mixed-use development with 64 apartments, 65,000 square feet of office space, and 19,000 square feet for retail, is now fully leased. Prometheus itself has moved its corporate headquarters into this location at the former site of Trag's Market. The building features a mix of local and national tenants, including Reposado restaurant, Club Pilates, and Squeeze Massage. One of the new major projects is a joint development with Lane Partners at 222 E. Fourth Ave., the site of the former Draeger's Market. This five-story building will include 104,000 square feet of office space, 10 low-income housing units, and will be anchored by a 19,000-square-foot Woodlands Market. The inclusion of a grocery store was a key condition of the project's approval from the city. Construction on the Fourth Avenue project is expected to begin in the early summer of 2026. The development, named the B Street South project, will also feature a three-level parking garage with 221 spaces. This project is part of a broader trend in the Bay Area of creating denser, mixed-use hubs that combine residential, commercial, and essential retail spaces. Prometheus is also planning a six-story, 181-unit residential complex at 715 North San Mateo Drive, replacing an abandoned car dealership. This development will offer a mix of studio, one-bedroom, two-bedroom, and three-bedroom apartments, with 18 units designated as affordable for very low-income households. The project will feature amenities such as a rooftop pool, fitness center, and a two-story garage. Additionally, the firm has proposed an eight-story residential building at 668 East 3rd Avenue, which will add over a hundred new apartments. This project is planned to replace a single-story retail center and will feature a Spanish Revival architectural style with town-house style units at street level. These developments are part of a significant influx of housing proposals in San Mateo, with plans for nearly 3,200 new units submitted since late last year.
