SAN MATEO — Nearly 200 residences could sprout at the site of an old office park in San Mateo following a purchase by Pulte Homes of a big property near a busy freeway interchange.
Pulte Homes intends to build a big residential development called One 90 that would replace the aging Waters Technology Park near the interchange of U.S. 101 and State Route 92 in San Mateo.
Strada Investment Group crafted the original plans for the property and steered the development through the San Mateo city approval process. Following city approval, Strada struck a deal to sell the site to Pulte, which will ultimately build and market the residences.
Pulte Homes paid $106 million for the office park and future residential site, San Mateo County documents show. Hoffman Company, an Irvine-based firm that specializes in land transactions, arranged the property purchase.
“This is easily the largest real estate deal of the year for new residential for-sale product in the supply-constrained market” on the Peninsula, said Cameron Fowler, a Northern California executive with Hoffman Co.
The transaction also appears to mark a significant profit for Strada Investment Group, a San Francisco-based developer.
In 2017, Strada Investment paid $46.2 million for the two parcels where the homes would be built. The addresses for the old business park are 1, 2, and 3 Waters Drive in San Mateo.
The new residential neighborhood would be perched on the edge of Borel Creek, which is near Seal Slough and San Francisco Bay.
One 90, the name of the new Pulte Development, would consist of four neighborhoods. The project would create a mix of two-story detached single-family homes, three-story townhomes, four-story rowhomes, and condominium apartments.
“This deal just ticked all the boxes,” said Nik Krukowski, a managing director with Strada. “It’s a chance to tackle the local housing deficit and provide new affordable housing and public open space while respecting the city’s blueprint for smart growth.”
The development would replace a half-century-old office park that’s hemmed in by existing residential neighborhoods.
Pulte touted an array of benefits for future residents, according to a post on the home builder’s web site.
“Residents will enjoy various new neighborhood amenities, including a community garden with seating, a dog park, a small play structure for kids, and a BBQ with communal dining tables,” the Pulte post stated.
