The Avenue – More townhomes coming to Bay Meadows courtesy of Shea Homes

Silicon Valley Business Journal

January 8, 2016

Shea Homes has snapped up the last remaining for-sale townhome development site at Bay Meadows, the developers announced on Friday.

Shea acquired a 1.6-acre site approved for 31 new units at the mixed-use village rapidly taking shape in San Mateo, off the Hillsdale Caltrain stop. Shea’s latest piece will be called “The Avenue.” It’s designed by the architecture firm KTGY, and is slated for opening in late 2016 or early 2017.

The pickup is just the latest deal for Shea at Bay Meadows, which is being developed by San Francisco’s Wilson Meany and Stockbridge Capital. Shea is building the 74-unit Meadow Walk, and completed the 93-townhome Lansdowne and 80-unit Brightside. TRI Pointe Homes has also brought projects to market at Bay Meadows.

The developers didn’t reveal pricing. A deed filed with San Mateo County valued the deal at $11.63 million.

“Shea Homes has done a spectacular job with its other neighborhoods at Bay Meadows — bringing to life the vision for an urban experience rich in contemporary amenities and mobility-options,” said Janice Thacher, partner at Wilson Meany, in a news release. “We’re seeing homebuyers jump at the chance to join this innovative community that boasts an organic community garden, easy access to transit and recreational options from biking to bocce ball and more.”

Next up on the dealmaking front: A piece of land big enough for 24 single-family detached homes.

The rest of the residential units — denser projects built on top of parking — are being built out by Wilson Meany and Stockbridge themselves.

For example, the partners are currently building two mixed-use projects — dubbed “Rendezvous” and “The Russell” — that will contain 228 units between them and 11,380 square feet of ground floor retail. The wider retail street will include a total of 41,132 square feet.

In total, Bay Meadows — named for the racetrack that used to occupy the site — will include 1,000 units of housing, 780,000 square feet of LEED-certified office space and 18 acres of open space.

Right now, about 700 residents are currently calling Bay Meadows home.

On the office front, construction is continuing on the new headquarters for SurveyMonkey. The second office building at Bay Meadows, a 174,000-square-foot project called Station 3, is under way and being marketed for lease.