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7/15/20
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Pulte Homes purchased 11 acres of land positioned between San Francisco and Silicon Valley for redevelopment into a residential neighborhood of 190 homes. The property was sold by Strada Investment Group in a deal we’ve been told had a price tag of $106 mil.
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.
Cameron Fowler of The Hoffman Company brokered the transaction. According to Fowler, this is the largest real estate deal of the year for new residential for-sale product in the supply constrained market of the San Francisco Peninsula.
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.
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.
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