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New Six-Story Residential Building Proposed for Downtown Menlo Park
Developer seeks to build 15-unit multifamily project on parking lot of existing commercial building
Published on Feb. 3, 2026
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A Menlo Park developer, Prince Street Partners, has submitted a proposal to renovate an existing commercial building and construct a new six-story residential building with 15 condominium units on the parking lot behind it in downtown Menlo Park. The project would include one below-market-rate unit and require the removal of several heritage trees, which the developers plan to replace with new plantings.
Why it matters
This proposed development reflects the ongoing demand for both residential and commercial real estate in the Menlo Park area, as well as the city's efforts to balance growth, affordable housing requirements, and environmental concerns around tree preservation. The project highlights the tradeoffs developers often face in creating economically viable projects that also meet local regulations and community needs.
The details
The proposed residential building would include five stories of condominiums above ground-level parking, with 41 valet spaces serving both the offices and condos. The existing office building has 52 parking spaces. The project would include one below-market-rate two-bedroom condominium, while the remaining 14 condos would range from two-bedroom units to a four-bedroom penthouse. Each unit would have a balcony or private outdoor space, plus access to a shared fitness room. To make the project financially feasible, the developers are seeking a concession to add a roof deck to the existing office building.
- Prince Street Partners submitted the proposal in mid-December 2025.
- The city is required to respond to the application within 30 days.
The players
Prince Street Partners
A Menlo Park-based developer, managed by Chase Rapp, that has submitted the proposal for the new residential building.
Chase Rapp
The son of longtime Palo Alto developer Roxy Rapp, and the manager of Prince Street Partners.
What they’re saying
“An outdoor roof deck would help the office building stand out and create a 'unique marketing advantage' that could allow the developers to have higher rental income, which helps offset the cost of affordable housing.”
— Attorney representing Prince Street Partners (almanacnews.com)
What’s next
The city is required to respond to the application within 30 days. The developers said the project qualifies for streamlined review.
The takeaway
This proposed development highlights the ongoing tension in Menlo Park between the need for more housing, the desire to preserve the city's character and environment, and the economic realities developers face in creating viable projects that meet local regulations and community needs.
