Property Entitled for Redevelopment into 190-unit Residential and Multifamily Community
A prime parcel of 11 acres strategically positioned between San Francisco and Silicon Valley has been purchased by Pulte Homes for redevelopment into a residential neighborhood of 190 homes, according to Cameron Fowler of The Hoffman Company, who brokered the transaction. Public records list the price at $106 million.
The property, formerly an under-utilized office complex known as Waters Technology Park, was built in 1979. The site is fully entitled under San Mateo's general plan to encompass four neighborhoods featuring a mix of two-story detached single-family homes, as well as three-story townhomes, four-story rowhomes and condo-flats.
“This is easily the largest real estate deal of the year for new residential for-sale product in the supply constrained market of the San Francisco Peninsula,” Fowler said. “The developer and seller, Strada Investment Group, did a fantastic job creating a project that offers a wide selection of housing types curated to create a unique sense of place throughout the community.”
The new home community will be named One 90 and will feature Life Tested® floor plans, smart home features, modern architecture and energy-efficient construction. Common amenities will include a playground, lawn open space, communal grills, dining tables and a garden.
The property is centered on Borel Creek and neighbors the Lakeshore community at the nexus of the Bayshore Freeway and the San Mateo Bridge. To enhance the surrounding area, the project will include a new section of trail along the creek lined with hardscape, seating and native plants that will culminate at a new dog park.
Last year the project was recognized as one of the best site plans nationwide by industry experts who were looking for creative solutions to tight lots and creating a sense of community.
The sale is the culmination of three years of entitlement and development work by Strada, a San Francisco-based real estate investment group that saw a 50-year-old office park encircled by single family homes and knew it was the perfect site for residential conversion.
“When Strada goes into a project, obviously the economics matter, but we also believe it should be good for the existing community and based on sound public policy,” said Nik Krukowski, managing director at Strada, who handles development investments.
“This deal just ticked all the boxes – a chance to tackle the local housing deficit and provide new affordable housing and public open space, all while respecting the city’s blueprint for smart growth,” he said.
The location provides convenient access to transit and job markets with major employers including Sony, Oracle, Gilead, Electric Arts and GoPro in San Mateo, as well as other major tech firms in the surrounding valley.
SAN FRANCISCO, CA – April 18, 2019 – HFF announces it has arranged joint venture equity for the development of 1629 Market Street, a fully entitled, 420-unit multi-housing project in San Francisco, California.
Working on behalf of the developer, Strada Investment Group, HFF arranged a joint venture equity partnership with an affiliate of Stockbridge Capital Group for the approximately $320 million project.
1629 Market Street will encompass 420 units averaging 732 square feet along with nearly 9,000 square feet of retail situated within three mid-rise buildings that will share a sub-grade parking garage. The project will be constructed on 1.7 acres at the intersection of Van Ness Avenue and Market Street in San Francisco’s Mid-Market technology hub. The 24/7 location provides access to more than 400 restaurants and bars within an eight-block radius along with immediate access to public transportation options and approximately 30 percent of the city’s largest technology-based companies, all of which has garnered the site a Walk Score® of 99. The project is due for completion in mid-2021.
The HFF equity placement team representing the developer included managing director Scott Bales along with senior managing director Charles Halladay, managing director Jordan Angel, director Peter Yorck and analysts Eric Bet and Nolan Moore.
