Downtown Site Cleared for Residential Development by Prometheus Real Estate Group

MOUNTAIN VIEW, Calif., April 21, 2011 /PRNewswire/ -- A site has been cleared in downtown Mountain View, California, for a new 203-unit pedestrian friendly luxury apartment complex located at 455 West Evelyn Avenue. The new building will be named Madera (wood), as an homage to Minton's Lumber and Supply, the former occupant of the site. A short three-block walk from Castro Street, the site is situated next to the Downtown Transit Station, featuring Caltrain, VTA and bus access. Madera is uniquely positioned to offer downtown Mountain View living without the need for an automobile. Construction is slated for completion in the first quarter of 2013.

The developer, Prometheus Real Estate Group, Inc., began its development activities in Mountain View in the late 1980's with the Park Place Apartments and Mountain View City Center.  These award-winning developments, along with Mountain View's City Hall and Performing Arts Center, served as catalysts for the revitalization of the downtown.

"Mountain View has always been progressive," said Jon Moss, Executive Vice President of Development at Prometheus. "We applaud the City for employing the principles of Smart Growth and Sustainability at this property. We expect the pedestrian friendly Madera and its new residents to positively contribute to the wonderful vitality of Downtown Mountain View."

Key features of Madera include:

• Individual unit porches and stoops to enhance the pedestrian/neighborhood experience
• Unique location next to mass transit
• 203 secured bicycle parking stalls to promote bike use
• Charge stations for electric vehicles
• Flex car sharing service
• Green building design to ensure water and energy conservation
• Cool roof technology
• Air Conditioning with non-HCFC refrigerants
• State-of-the-art Fitness and Yoga Center with cardio and strength equipment
• Rainwater reclamation for landscape irrigation
• Drought tolerant landscaping
• Recycled content carpeting, padding, framing and other materials
• 50% diversion of construction and demolition waste
• Solar technology

About Prometheus

Since its inception in 1965, Prometheus Real Estate Group has specialized in the development and management of high quality residential properties throughout the Western United States. Today, they are the largest private owner of multi-family properties in the San Francisco Bay area with a growing portfolio of more than 18,000 metropolitan area apartments in Seattle, Portland, OR, and Los Angeles. Recognition includes over fifty design and excellence awards including the 2010 MHN Best Property Management Company of the Year.

SOURCE Prometheus Real Estate Group