#United States #San Mateo #Stockbridge #Bay Meadows #Wilson Meany

Bay Meadows Development: A Transformative Journey

The Bay Meadows project, once a thoroughbred horse racing track, has undergone a dramatic transformation over the past 20 years. Developers Stockbridge Capital Group and Wilson Meany have recently announced the leasing of the final two commercial parcels at this expansive 83-acre site located in San Mateo, California. This marks a significant milestone in a development journey that has redefined the area, converting it from a racing track into a thriving community featuring homes, offices, and retail spaces.

A Vision Realized

Chris Meany, Managing Partner of Wilson Meany, reflected on the vision that began over two decades ago. He noted, "Bay Meadows has fulfilled the vision we had some 20-plus years ago. This is a walkable, transit-oriented community with homes, parks, office space, restaurants, and retail. We believe it is a model for smart, responsible redevelopment." This vision has now materialized into a dynamic community designed for both living and working, illustrating the possibilities of revitalizing underused spaces.

The completed Bay Meadows community will feature over 1 million square feet of office space, nearly 1,000 homes, and 18 acres of parks. Additionally, it includes a private high school and more than 40,000 square feet of retail shops, highlighting its dedication to creating a comprehensive urban environment. The strategic location adjacent to a Caltrain station enhances accessibility, providing convenient transport options for residents and employees alike.

The Path to Redevelopment

The history of the Bay Meadows site began in 1997 when Stockbridge Capital Group acquired the struggling racetrack amidst a declining horse-racing industry. Over the years, plans were meticulously crafted to develop a mixed-use community that caters to a technology-centric demographic in the Peninsula, allowing for seamless commutes to San Francisco, Palo Alto, and San Jose.

Terry Fancher, the CEO of Stockbridge, remarked on the transformation, stating, "It's terrific to see the transformation of Bay Meadows over these past two decades. When we acquired the site, we knew people and companies would be excited to live and work in a community with easy access to the surrounding Bay Area." This foresight has proven beneficial as Bay Meadows develops into a sought-after location for residents and businesses.

Expanding Horizons: Other Projects by Stockbridge and Wilson Meany

The achievements at Bay Meadows are not isolated. Stockbridge and Wilson Meany have also undertaken the redevelopment of the Hollywood Park racetrack in Inglewood, California. This project has evolved over a decade into a remarkable 300-acre property, which now houses SoFi Stadium, home to both the Los Angeles Rams and Los Angeles Chargers, alongside residential and commercial developments. The sale of a significant portion of their stake in this project to the Rams' owner paved the way for the beautiful stadium, which opened in September 2020.

Moreover, the duo is currently involved in redeveloping Treasure Island and Yerba Buena Island in San Francisco, aiming to replicate the energetic, walkable environment that defines Bay Meadows. To date, approximately 1,000 new homes have been constructed on these islands, with ambitions for many thousands more over the next decade.

Conclusion

As the final pieces of Bay Meadows are put in place, both Stockbridge and Wilson Meany express excitement about the future of their projects. With a successful model now established, they aim to extend this innovative and responsible redevelopment approach to more communities, significantly contributing to the urban fabric of California. The Bay Meadows project serves as an exemplary venture that showcases the potential of reimagining spaces for modern living and working, inspiring similar initiatives nationwide.