J.K. Dineen,
Stockbridge and Wilson Meany Sullivan Wilson Meany SullivanLatest from The Business JournalsTishman set to start SoMa constructionTRI Pointe Homes buys first Bay Meadows parcelTishman Speyer to start Foundry Square III in S.F.'s South of MarketFollow this company have sold a parcel at Bay Meadows to Shea Homes Shea HomesLatest from The Business JournalsHome builders see signs of recoveryDenver's Best Corporate Counsel nominees discuss industry challengesShea Homes introduces full-size luxury duplexes at VistanciaFollow this company , the second homebuilder to commit to the San Mateo horse racetrack-turned-transit-oriented development.
Shea Homes will build the 93-unit Landsdowne community, a development overlooking a 12-acre park that will feature eight floor plans and a mix of two-, three- and four-bedroom homes. Unit size will range from 1,150 to 2,200 square feet.
The price was not disclosed, but brokers in the market said the deal was likely north of $200,000 per buildable unit, or $18.6 million.
The land sale comes just two weeks after TRI Pointe Homes became the first developer to bite off a piece of Bay Meadows, which Stockbridge and WMS spent a decade entitling and preparing for development. Stockbridge and WMS are the master developers, but are selling off parcels to a variety of homebuilders. TRI Pointe Homes will build 63 units on the site.
Bay Meadows includes three public parks totaling 15 acres, a community garden and various open spaces throughout the property. The final development will include 1,171 residential units, up to 1.5 million rentable square feet of office space and approximately 90,000 square feet of retail space. With onsite amenities such as health care, child care, financial services, and dry cleaning, Bay Meadows is designed to be a place where residents can rely on public transportation and walking.
Shea Homes plans to start construction as soon as summer of 2012 with model homes and sales starting in early 2013.
Consistent with Bay Meadows‚ pedestrian-friendly approach, garages are at the rear of each home.
The architect for Landsdowne is KTGY Architecture + Planning, which is also designing as well as TPH's Amelia residences.
"Signing Shea Homes exemplifies the positive momentum Bay Meadows is generating, and we are very excited to get construction under way on two residential neighborhoods this summer, with sales starting in late 2012," said Christopher Meany, partner at WMS.
Layne Marceau, president of Shea Homes Northern California, said Bay Meadows was a natural fit for his company.
"We're looking forward to being a part of Bay Meadows," Marceau said. "The outstanding location, progressive design and well thought out vision make it a great fit for Shea Homes. We put a great deal of care into our homes and communities. Landsdowne in Bay Meadows will be no different."
Meany said, "mobility and aspiration have a long history" at Bay Meadows.
"In its earliest days, Bay Meadows was the site of an airfield," he said. "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, progress, energy and aspiration for those looking for an inspired way of life."