Realtor.com
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.
FULL STORY: California Tech Headquarters To Be Demolished for 225-Home Housing Project
Key takeaways
- 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.
- The redevelopment project aims to seamlessly integrate into the existing neighborhood, providing an essential expansion to the for-sale housing supply in San Mateo and creating opportunities for residents.
- Despite being ranked as the third-best county to live in California, San Mateo faces challenges in housing affordability, with a median list price of nearly $1.5 million as of July 2025.
- Advocates like the Non-Profit Housing Association of Northern California emphasize the urgent need to address affordability issues in the Bay Area, especially with ongoing economic pressures and federal budget cuts impacting communities.
This summary has been generated with AI tools and edited by Realtor.com News & Insights editors. The full story, written and edited by Realtor.com News & Insights newsroom journalists, is linked at the top of the summary.