Office Park Sells for $106M with Plans for Residential Redevelopment
Strada Investment Group sold the 11-acre land parcel in San Mateo, CA to Pulte Homes for the development of 190 new homes.
SAN MATEO, CA – An 11-acre land parcel in San Mateo, CA has been acquired by Pulte Homes for $106 million. The homebuilder plans to redevelop the former office park site into a residential neighborhood of 190 homes.
The site is fully-entitled to comprise four neighborhoods under the city’s general plan.
The seller, San Francisco-based real estate investment company, Strada Investment Group developed the site’s residential plans, which encompass a variety of housing types. The new, home community, One 90, will offer two-story, detached single-family homes, three-story townhomes, four-story rowhomes and condo-flats.
The residential project will feature Pulte Homes’ Life Tested floor plans, smart home features, modern architecture and energy-efficient construction. Common amenities within the neighborhoods include a playground, lawn open space, communal grills, dining tables, a garden and a dog park. One 90 will additionally feature a new section of trail along Borel Creek.
Positioned between San Francisco and Silicon Valley, at the nexus of the Bayshore Freeway and the San Mateo Bridge, the property previously hosted the under-utilized, Waters Technology Park office complex, which was constructed in 1979.
Upon envisioning the residential conversion project, Strada Investment Group culminated the sale after three years of entitlement and development work. The project was recognized as one of the nation’s best site plans by industry experts, last year.
“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,” said Nik Krukowski, managing director of Strada Investment Group.
The Hoffman Cos.’ Cameron Fowler brokered the sale.
“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.”