Old complex given new life - Marinscope Community Newspapers : News

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Old complex given new life

Corte Madera apartment renovation estimated at $32.6 million

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Posted: Wednesday, December 5, 2012 11:08 am | Updated: 11:23 am, Wed Dec 26, 2012.

A seven-building, waterfront apartment complex in Corte Madera that, until January of this year, was in disrepair, was resurrected Tuesday morning as town officials partook in a groundbreaking ceremony at the former Madera Vista lot.

Corte Madera Vice Mayor Diane Furst and Town Councilmember Carla Condon were among those who spoke at the launch event, expressing both gratitude and relief that the previous Madera Vista eyesore will be transformed into the luxurious Preserve at Marin.

“We’ve been enjoying the sound of music,” Condon said as the sounds of construction rang out in the background, “and, to me, it’s the sound of progress.”

Apartment Investment and Management Company, a Denver-based real estate investment trust, purchased the complex for more than $43 million earlier this year. Aimco Chief Administrative Officer Miles Cortez said he hopes the complex will become “a signature property” for the firm.

“It’s important to us to not only be good neighbors, but to invest in the community,” Cortez said. “This was an opportunity we just could not pass up.”

Located off Robin Drive near the Marin Montessori School, the development overlooks the Bay and is in close proximity to the Paradise Bay Yacht Harbor. The property renovations have been estimated at $32.6 million.

“This development had fallen into disrepair and was vacant for years,” Furst said. “We are happy that Aimco has chosen to undertake a major renovation, which will provide 126 very attractive apartments to our town.”

Included in the projected renovations are six 2,000-square-foot penthouses with 400-square-foot rooftop decks, a 1,500-square-foot clubhouse, and a state-of-the-art fitness center.

Aimco is one of the largest owners and operators of apartment communities in the United States. Aimco’s properties are located in 29 states, with 319 properties serving approximately 250,000 residents each year.

The new Preserve at Marin project is set for completion by the third quarter of 2014.

Contact Gregory Andersen at gandersen@marinscope.com.

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