The Avenue – Shea Homes Adds Land for More Residential
February 3, 2016
SAN MATEO, CA—As demand for homes at the Bay Meadows urban village continues, Shea Homes acquired more land in a deal with owner Stockbridge Capital Group and developer Wilson Meany. The national homebuilder has acquired a 1.6 acre parcel for 31 new townhomes at the mixed-use community. Named “The Avenue,” this collection will be designed by KTGY and is slated for opening late this year or early 2017.
The acquisition marks Shea Homes’ fourth at Bay Meadows and also coincides with the second phase closing of Meadow Walk–a neighborhood of 74 townhomes. Meadow Walk is currently under construction with sales commencing last month. The Avenue is located adjacent to the Caltrain station and steps from Bay Meadows’ Town Square and will be the final townhomes constructed at Bay Meadows. All homes at Bay Meadows have sold out nearly as soon as they come to market.
High Quality Homes in a Modern Walkable Bikeable Community
Janice Thacher, partner at Wilson Meany, tells GlobeSt.com: “Together with Shea Homes and our other partners at Bay Meadows, we’re creating something for which the demand has not been satiated: high-quality homes featuring modern design elements, surrounded by parks, rich in urban amenities and transit options, all in a walkable, bike-friendly environment.”
The Bay Meadows development is well underway with close to 700 residents in townhomes and apartments, the Nueva School serving high school students, visitors enjoying the parks and open space, and SurveyMonkey soon to occupy its new headquarters in the urban village. After The Avenue land sale, only one parcel remains for non-podium product at Bay Meadows and that is slated for 24 single-family homes.
“Shea Homes is proud to be an integral part of one of the most successful new communities in California,” says Layne Marceau, president of Shea Homes Northern California. “Residents of The Avenue will not only enjoy a stunning modern home design, but will also be just a stroll from great dining, shopping, and the latest social and fitness options in the community’s vibrant Town Square.”
Bay Meadows has several projects currently under construction: Meadow Walk–74 two- to four-bedroom townhomes with sales commencing last month; Bay Meadows Station 4–New headquarters for SurveyMonkey to be occupied in January 2017; Town Square/Delaware Street Retail–A mixed-use plaza featuring dining destinations, social activities and neighborhood services coming in early 2017; The Russell and Rendezvous–A mixed-use apartment buildings flanking the Town Square which will open January 2017; Bay Meadows Station 3–A 174,000-square-foot office building is now leasing and ready for occupancy in summer 2017.
“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 Thacher. “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.”