Company plans to develop San Mateo towers into apartments [Video]

PROJECT GOING UP? YEAH, RON. WELL, THIS NEW APARTMENT IS GOING TO BE DEVELOPED IN ONE OF THE VACANT TOWERS ON SAN MATEO AND CENTRAL. NOW, THE CITY IS VERY OPTIMISTIC ABOUT THIS IDEA, BUT THIS AREA IS ALSO HIGHLY AFFECTED BY CRIME. TWO VACANT BUILDINGS. WHAT ONCE WERE AN OFFICE AND A BANK IS NOW A PLACE OFTEN WHERE VANDALISM HAPPENS, FIRES EVEN STARTING RIGHT OUTSIDE. NOW A DEVELOPER COMPANY PLANS TO USE THE BUILDING FOR APARTMENTS, STARTING WITH THE SMALLER ONE. THE COMPANY THAT’S DEVELOPING THE SITE IS UTILIZING ONE OF THE CITY’S PROGRAMS. OUR PROPERTY TAX ABATEMENT PROGRAM THAT FORGET BASICALLY FREEZES THEIR TAXES FOR ABOUT SEVEN YEARS WHILE THEY GET THE PROJECT STARTED. THE CITY COUNCIL APPROVED THE PROGRAM TO ENCOURAGE THE DEVELOPMENT. THE COMPLEX IS EXPECTED TO RENT OVER 100 APARTMENTS AT MARKET PRICE. HOWEVER, ACCORDING TO APD, CRIME DATA, IT SHOWS MORE THAN 700 …