San Mateo, CA – Developer Wilson Meany and partner Stockbridge Capital Group announced today that they secured financing to break ground on two new mixed-use buildings at the successful Bay Meadows urban village in San Mateo. The apartment buildings, dubbed “The Russell” and “Rendezvous,” will have 228 rental units with approximately 10,000 square feet of ground floor retail across both buildings. The general contractor is Cahill Contractors and the architect is BAR Architects. The construction lender is HSBC Bank USA, National Association.
The forthcoming construction represents the next step in Bay Meadows’ development: focus on the project’s commercial component on the western edge of the community, closest to the Caltrain station. The new buildings, combined with Bay Meadows Station 4 – a 210,000 square foot office building well underway – comprise the community’s Town Square. A pedestrian-focused social hub, the Town Square is where workers, residents and visitors will shop, eat, meet and play in a vibrant environment.
Two years after the first homes at Bay Meadows hit the market, over 600 residents now live at the new transit-oriented neighborhood. New homes have been quickly absorbed. Eighty-five percent of the in-construction townhomes have sold and the Field House rental community is 65 percent leased in only three months. In May, Bay Meadows will finish the last of its four parks. The parks, which include a community garden, have proven popular among residents, as well as with visitors from throughout the region.
“Bay Meadows is brimming with activity and hundreds of residents are ready to welcome the new shops, restaurants, fitness and entertainment options that the Town Square will offer,” said Janice Thacher, partner at Wilson Meany. “Only steps from the Caltrain station, it’s just the kind of environment that today’s workers desire – rich in urban amenities with the added benefit of beautifully designed parks and green space.”
ABOUT BAY MEADOWS
Life in Motion
Bay Meadows was designed to give homeowners the luxury of pulling into their driveway on Fridayevening and not have to drive again for the weekend. Whether they need groceries, want to enjoy a picnic in a gorgeous 12-acre park, plant heirloom tomatoes in the community garden, or hop on a train for a night out in San Francisco, residents can do it all car-free. They are also able to wake Mondaymorning and walk down the block to catch a train to an office in Silicon Valley, San Francisco or any destination served by Caltrain. Or, they can walk to work at the adjacent LEED-certified office buildings. Bay Meadows truly brings the concept of a “forwardly mobile” lifestyle to the Bay Area.
The Bay Meadows’ plan includes more than 1,000 units of housing, 750,000 square feet of LEED-certified office space and 18 acres of parks. The community’s Delaware Street is envisioned as a social hub, an intersection of work and play that inspires spontaneity and interaction. This urban village represents the new downtown-style and environmentally-friendly living that residents and workers increasingly seek. In addition, Bay Meadows’ state-of-the-art construction and design are as energy-efficient as possible – minimizing fossil-fuel consumption, recycling concrete and asphalt, replanting trees, employing advanced storm-water systems and using sustainable materials.
About Wilson Meany
Wilson Meany is a privately owned real estate investment and development firm focused on urban infill locations in the Western United States. Wilson Meany brings more than 35 years of experience to its mixed-use, residential, retail and office developments, all of which reflect the company’s commitment to integrity, innovation and quality, including San Francisco’s renowned Ferry Building. Founded in 2003, Wilson Meany and its predecessor entities have long been recognized among the most respected and consistently successful investment and development firms in the San Francisco Bay Area. Collectively, Wilson Meany’s partners and professionals have developed over 10 million square feet, including some of the most innovative and distinctive properties in California. For more information visit www.wilsonmeany.com.
Stockbridge is a real estate investment management firm and Registered Investment Advisor founded in 2003. The firm and its affiliated advisor manage both commingled funds and separate accounts primarily on behalf of institutional investors, and also provide strategic advisory services with respect to real estate assets and portfolios. Stockbridge manages investments across the investment risk spectrum, including core, value-added and opportunistic strategies. Stockbridge and its affiliated advisor have approximately $8.8 billion of assets under management (as of September 30, 2014) spanning all major real estate property types throughout the United States. The firm provides a full complement of expertise in acquisitions, dispositions, portfolio & asset management, finance, capital markets and accounting & reporting. Stockbridge is headquartered in San Francisco with offices in Chicago, New York and Atlanta. For more information visit www.SBFund.com.