The owners of a Silicon Valley car dealership want to redevelop their property with apartments. Nothing new, right? Except the Toyota dealership would stay.
Price Simms Auto Group wants to build an 88-unit apartment building with its Sunnyvale Toyota dealership on the ground floor, according to Fast Company. The apartments would essentially subsidize the concessionaire, allowing the company to stay in an expensive market.
“The one-story model of a showroom, after-sales service and display stand is getting more and more expensive, even for some of America’s best brands,” said the co-founder of Price. Simms, Adam Simms. “So it forces us to think about how we maintain a presence in these expensive markets where there is a lot of auto business to do while still running the economy at the dealership level.”
Simms said his company plans to do the same with two or three other dealerships it owns, according to the report. He called this a necessity turned into an opportunity given the growing land value in the Bay Area, where housing is scarce.
The pandemic has lowered demand for apartments in San Francisco proper, but the wider area remains one of the most expensive places in the country to buy and rent a home.
In renderings, the Price Simms Project looks a lot like the countless mixed-use apartment buildings designed and built over the past decade in places like Los Angeles and San Francisco. But instead of the usual downstairs grocery store or cafe, the space would be taken up by rows of new Camry, Corolla, RAV4, and maybe even Supras. Dahlin Group Architecture Planning designs the new building
[FC] – Denis lynch