"The Bay Area in Northern California is witnessing a significant transformation as a 22-acre office park, once home to GoPro Inc., is being acquired by Harvest Properties and Stockbridge for $102 million. The existing office buildings will be replaced with 225 townhomes and single-family homes, with 15% allocated for low-income households. This strategic move stands out as it shifts from the usual midrise apartment complexes to low-density living, aligning with the preferences of Bay Area buyers and addressing construction cost challenges."
"Harvest Properties and Stockbridge purchased a 22-acre office park in the Bay Area, planning to replace it with 225 townhomes and single-family homes, including 15% for low-income households. The decision to opt for low-density housing rather than midrise apartments reflects the developers' response to high construction costs and interest rates, offering a novel approach to the evolving real estate landscape in San Mateo."
A 22-acre office park in the Bay Area formerly housed GoPro Inc. Harvest Properties and Stockbridge purchased the site for $102 million. Plans call for replacing office buildings with 225 townhomes and single-family homes, allocating 15% of units for low-income households. The developers are choosing low-density for-sale housing instead of midrise apartments to match buyer preferences and mitigate high construction costs and interest rates. The project aims to integrate with the surrounding neighborhood and expand for-sale housing options in San Mateo. The approach contrasts with typical higher-density redevelopment and reflects market-driven adaptation to local housing demand constraints.
Read at SFGATE
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