The Bay Area market is so hot that McDonald's has now decided to enter the real estate development game with a new complex at Walnut Creek. The fast-food company, better known for Big Macs and fries than apartments, has joined with JDC Development to propose a new six-story, 119-unit building to rise on the site of what is now the town's only McDonald's restaurant. There would also be 112 parking spots and retail (a Burger King, perhaps?) on the first floor. Although this foray into development is unusual for the McJob creators, McDonald's has long been involved in real estate through its franchise model, in which it rents out land to franchisees.
City planners are not loving it, however. They may thwart the fast-food giant's plans because of the, er, super-sized density of the proposed project. The ratio of floor space to land is more than twice as high as that allowed in Walnut Creek, meaning that it would require special approvals. The Walnut Creek City Council is set to discuss the proposal and provide feedback at a meeting tomorrow night.
· Walnut Creek: McDonald's Proposes Six-Story Residential Building on Its Downtown Site [Contra Costa Times]