"Plans are in the works to build a 594,000-square-foot research and development campus in the eastern part of Redwood City. Metlife Investment Management submitted a proposal in November to create two five-story life sciences buildings and two multi-level garages on 505 Penobscot Drive. The city is reviewing the project to see if it meets California Environmental Quality Act requirements. Metlife invests in businesses for its parent company, Metlife Inc., a global insurance company providing life insurance, annuities, employee benefits and financial services for its customers."
"The site is next to the banks of the Redwood Creek, across from Blair Island. The surrounding area is a hub for water-related organizations, including the Peninsula Youth Sailing Foundation and the Marine Science Institute. Office-only proposals have become rarer in the area, but some are still being proposed, such as a gigantic development called Redwood Life near Redwood Shores by Longfellow Real Estate, which plans to transform an existing business park into a large, modern campus for life science and tech companies."
A proposal would build a 594,000-square-foot research and development life sciences campus at 505 Penobscot Drive in eastern Redwood City, including two five-story buildings and two multi-level garages. Metlife Investment Management submitted the proposal and invests on behalf of Metlife Inc., a global insurance and financial services company. The site borders Redwood Creek across from Blair Island and sits among water-related organizations such as the Peninsula Youth Sailing Foundation and the Marine Science Institute. The city is reviewing the plan under California Environmental Quality Act requirements. A larger nearby proposal, Redwood Life, would create 2.73 million square feet across 84 acres and raises similar housing-demand questions.
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