Builders Purchase More Land for New Neighborhoods at Bay Meadows

Builders Purchase More Land 4.30.13SAN MATEO, Calif. – Bay Meadows has announced the closing of two additional land deals to homebuilders at the highly successful masterplanned community. TRI Pointe Homes (TPH), the first builder to sign on at Bay Meadows in 2012, will now build the 76-townhome neighborhood, Canterbury. TPH is currently building the 63-home Amelia neighborhood. Additionally, Shea Homes has closed on land for the last 50 homes at its 93-home Lansdowne neighborhood.

“As the first homebuilder to commence construction at Bay Meadows, we feel deeply connected to the success of the community as a whole,” said Jeff Frankel, Division President for Northern California of TRI Pointe Homes. “We are very proud to have completed this transaction with our friends at Wilson Meany, and are looking forward to continuing buyer interest at the architecturally stunning Canterbury.”

Bay Meadows has achieved extraordinary buyer response since its March 16 grand opening. Its first release of 20 homes sold out immediately, and over 1,000 potential homebuyers have visited the Welcome Center, making Bay Meadows one of the most successful new communities in California. Bay Meadows is funded by Stockbridge and developed by Wilson Meany.

“Bay Meadows is truly an innovative community, and we are proud to be a continuing part of it,’’ said Layne Marceau, President of Shea Homes Northern California. “The outstanding location, progressive design and smartly conceived vision make it a great fit for Shea Homes. The sales success we’ve experienced at Landsdowne validates the confidence in our investment we had from the beginning, and we are excited to help grow Bay Meadows into a thriving urban village.”

Greenery surrounds TPH’s Canterbury, the collection of two-, three- and four-bedroom townhomes just north of the Bay Meadows Community Garden and across from Paddock Park. Canterbury’s sophisticated Edwardian architecture is an interpretation of traditional Bay Area styles that also incorporates contemporary Abstract Traditional architecture, giving Canterbury a distinct feel at Bay Meadows. Two lushly planted courtyards create a quiet, open space within the 4.38-acre neighborhood, designed by WHA Architects. Inviting porches and patios overlook the streets, and multiple paths thread through the neighborhood, connecting with Bay Meadows’ network of walking and jogging trails. Garages are conveniently tucked under the homes.

Enhancing this green environment are three public parks totaling 15 acres, a community garden, and vibrant open spaces throughout the property. The final development will include a traditional town square, approximately 1,100 residential units, up to 1.5 million rentable square feet of office space via five LEED-certified office buildings, and approximately 90,000 square feet of “Main Street” retail space. Bay Meadows will also be home to The Nueva High School.

Bay Meadows’ new homebuyers are equally enthusiastic about the community. Ken Young, a new home owner at Shea Homes’ Landsdowne neighborhood said, “The concept of Bay Meadows’ comprehensive sustainability is something that really speaks to us. Here is a real community with grocery and dining options within walking distance, yet remaining proximate to employment in San Mateo, and the culture of San Francisco. Our experience with the Bay Meadows and Shea teams has made the process so enjoyable and easy. We could not have asked for more as we begin making memories at Bay Meadows.”

The Concept – Life in Motion
Bay Meadows was designed to give homeowners the luxury of pulling into their driveway on Friday evening 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 Monday morning 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.

“Here, motion and aspiration have a long history,” said Meany. “In its earliest days, Bay Meadows was the site of an airfield. The land then became home to Bay Meadows Racetrack, a place passionate about the pursuit of glory and achievement. Now, the evolution of mobility culminates in this new urban village at the rail station, and continues a legacy of forward thinking, energy and aspiration for those looking for an inspired way of life. It has been our responsibility to create a community in vibrant San Mateo that expresses this inspiration, a place for people to fall in love with, a place to call home.”

Comprehensive Sustainability
Bay Meadows will be a comprehensively sustainable, transportation-centered pedestrian village mid-way between San Francisco and Silicon Valley. In addition to Bay Meadows’ new walkable urbanism and sustainable initiatives, its 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.

“We are committed to designing a sustainable community, which includes thoughtful planning, distinct architecture and building practices that ensure all buildings are constructed using LEED or Green Point Rated criteria,” said Meany. “Thinking holistically about Bay Meadows and sustainability will create a unique community for people to live and work.”

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

About Stockbridge
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 $5.5 billion of assets under management (as of December 31, 2012) 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

About TRI Pointe Homes
Founded by real estate industry veterans, TRI Pointe Homes is guided by an unwavering commitment to think, renew and inspire. Insightful thinking — anticipating and encompassing all the events and needs of the individuals and families who will live in a TRI Pointe Home — is demanded. A passionate desire to renew a sense of belonging by creating spaces that invite both energized interaction and peaceful solitude is critical. And an ability to inspire the hundreds of experts who are involved in building TRI Pointe communities to take pride and care in their craftsmanship is essential to satisfying every homeowner’s highest expectations. TRI Pointe Homes’ core values of quality, integrity and excellence are the driving forces behind innovative designs that connect with the individual. For additional information on TRI Pointe Homes visit www.TRIPointeHomes.com.

About Shea Homes
Family owned since 1881, the J.F. Shea Company has been involved in legendary construction projects including the Golden Gate Bridge, the Hoover Dam and BART. Since 1968, Shea Homes, an independent member of the Shea Family of Companies, has built some of the finest homes and master-planned communities for more than 73,000 families and is one of America’s largest privately owned homebuilders.

In Northern California, Shea Homes brings insight, inspiration and a passion for excellence to every community they build, which is why they consistently receive industry awards and achieve a 96% customer approval rating. Recently, Shea Homes was named one of America’s Customer Service Champions by J.D. Powers & Associates – the only homebuilder named to this prestigious list of blue chip companies two years in a row. In addition, Shea Homes in Northern California ranked #1 in Customer Satisfaction for homebuilders in the Bay Area for 2009 and 2010, while also being honored as the 2010 Builder of the Year by the Building Industry Associate of the Bay Area. Shea Homes is honored to be acknowledged for its excellence as a home builder. These honors validate over a century of commitment to craftsmanship and customer service. For more information visit www.sheahomes.com

West Coast Commercial Real Estate News