Construction recently kicked off on a mixed-use four-story residential and office building on Cowper Avenue, near the Palo Alto Caltrain station. Because there is so much demand in the area and new construction there is so rare, developers R & M Properties are aiming for prices of $1,500 per square foot for the residential portion, which will consist of a massive 5,000 square foot condo with private elevator access. That condo alone could bring in a price of $7.5 million. The 30,000 square feet of office space on the first three floors already has a tenant, although there's no word on who that may be. The new building, designed by architecture firm The Hayes Group, is expected to be complete by the end of 2015.
· Palo Alto Mixed-Use Condo Project Expected to Fetch Sky-High Prices [SF Business Times]