Plans Emerge for Black Mountain Property Development.

September 6, 2018


The Aftermath of Measure V

San Carlos residents may have forgotten about the disposition of the 20+ acres of property just west of Alameda in San Carlos that was previously owned by Black Mountain Water. That's understandable, since it was over three years ago that Measure V, the ill-fated ballot measure to preserve this land as open space, was soundly shot down on election day that year.

But Dragonfly Investments Group and Wanmei properties, the purchasers of the various parcels, have submitted some ambitious ideas for hillside property, and its ultimate approval may mean that a LOT of new residences will be added to San Carlos.

According to this article in the Daily Journal, the plans that were submitted to the Planning Division of San Carlos call for approximately 68 3-story townhomes and 60 single-family residences to be built on the combined parcels that total nearly 23 acres.  Dragonfly has stated that they will be conducting neighborhood outreach meetings very soon, so keep an eye out if you're interested in learning more about their portion of the development.

Dragonfly is no stranger to San Carlos.  They have active or planned projects at no fewer than 7 San Carlos locations, the biggest one being the 34-unit condo complex at 1501 Cherry Street, across the intersection from the San Carlos library. This particular building has become somewhat of a head-scratcher to locals, since it broke ground many months before the nearby Wheeler Plaza development, and now Wheeler Plaza appears to moving toward its completion date far faster than that of 1501 Cherry Street.

It's interesting to note as well that the founders of Dragonfly Investments also own their own startup residential real estate company called Reali, so it will be interesting to see how these homes will be marketed and sold in the future.

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  1. Mark Olbert on September 6, 2018 at 3:13 pm

    Nice summary, Chuck, thanks for keeping people informed. A few minor tweaks:

    – DragonFly doesn’t own, and isn’t developing, the entire ~24 acre site. There’s another developer who owns what I think of as the upper half of the 24 acres.

    – The number of homes you cited is for the entire project, which is what’s been mentioned/cited by the two developers in total.

    – To my knowledge, no plans have been submitted yet (i.e., the review and approval process hasn’t started). We’re in the “developers talking to the city about what they’re thinking of submitting” phase.

    – Mark

  2. Chuck Gillooley on September 6, 2018 at 4:00 pm

    Thanks for the clarification, Mark.

  3. Della Roche on February 8, 2022 at 6:55 pm

    Question – How much did the Black Mountain Property (that measure V was seeking funds to purchase) actually sell for?

  4. Chuck Gillooley on February 10, 2022 at 9:04 pm

    That property sold for $9,800,000 in 2016.

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