With applause from the crowd at a commercial real estate event in Redwood City this week, Wilson Meany and Stockbridge Capital Group announced that they will break ground on Bay Meadows Station 4 within the month. As speaker after speaker noted, constrained supply in the South Bay and in San Francisco is presenting a clear opportunity for the mid-Peninsula region.
One panelist commented that it’s not only lack of supply, but also public policy that is putting a squeeze on office development in San Francisco and cities in the South Bay. From office development caps to tax policies to transit woes, a confluence of factors is underway to position San Mateo to be a welcoming environment to corporate campuses.
A 210,000 square foot Class A office building designed by HOK Architects, Bay Meadows Station 4 is one of five planned office buildings at the 83-acre mixed-use community. Elizabeth Billante, Vice President, Wilson Meany/Stockbridge, said that possible tenants for Station 4 include not only tech companies, but also, possibly, the professional service firms that are growing in parallel with the tech sector.
As commercial space in San Francisco and the South Bay dwindles, San Mateo is emerging as a hot spot of economic growth. With its central location, the area is equally accessible to workers from San Francisco, Silicon Valley and the East Bay.
Home to creative companies, such as global brands YouTube, Sony, Franklin Templeton and Oracle, as well as to high-value start-ups GoPro and Marketo, San Mateo County is increasingly attractive to businesses looking to draw top talent. Bay Meadows Station is designed to appeal to a 21st century workforce that desires a car-free commute where food, shopping and entertainment options are nearby.
“We’re excited to get shovels in the ground and get building. The right company could see its workers producing, collaborating and innovating here in just 21 months,” said Janice Thacher, partner at Wilson Meany. “This is what workers want and what our region needs – a new urban campus that’s part of the fabric of a walkable, bike-friendly, transit-rich community.”
Bay Meadows’ five state-of-the-art buildings together total 750,000 square feet of Class A office space. Bay Meadows is fully entitled with 100 percent of its infrastructure developed; two residential neighborhoods built and occupied; plus well-utilized parks, playgrounds, ball-grounds and gardens in place.
“We’re thrilled to see Bay Meadows continuing its impressive progress,” said Rosanne Foust, president and CEO of SAMCEDA, the San Mateo County Economic Development Association. “San Mateo County has very little supply of office space over 20,000 square feet. Bay Meadows Station presents a unique opportunity for one of the numerous companies that are expanding in the Bay Area.”
Construction at Bay Meadows Station 4 will be followed by implementation of phase one for the urban village’s retail and entertainment plans. Bay Meadows’ “Social Street” is a Hayes Valley-style pop-up project located in the center of the new community. Complete with such amenities as bocce ball, an outdoor fitness area and a beer garden, “Social Street” will be Bay Meadows’ town square where workers, residents and visitors shop, eat and play.
As we develop community, we want to see how you live or play at Bay Meadows and beyond. Share your fun San Mateo lifestyle photos with our community by using #baymeadowslife in our Fame x Frame Photo Contest. You could WIN $50 or our Grand Prize of $500 at the end of 2014 and be featured in a live pop-up photo gallery exhibit. Click here for official rules. Each month, Bay Meadows will select one photo to WIN a $50 gift card at Whole Foods Market San Mateo. Simply hop on instagram or twitter at tag us using #baymeadowslife or submit up to 10 photos per month to photos@BayMeadows.com .