With help from Colliers' executive Phil Arnautou, Stockbridge has said it will be looking in outlying Bay Area communities where land is relatively less expensive. No more specifics were immediately available. Arnautou was not immediately available for comment.

Bay Meadows race track was built in the 1934. In the mid-1990s, with interest in horse racing declining and San Mateo having voted down the idea of adding a card room to the racetrack, ownership decided to begin selling and redeveloping portions of the property. A decade later, with voters turned down a statewide ballot measure to legalize slot machines at some racetracks, ownership is seeking to redevelop the main racetrack. The proposal calls for as much as 1.5 million sf of office space, 1,250 homes and three blocks of upscale commercial buildings built around a proposed CalTrain "express stop." The city council is set to vote on the project Nov. 7.

Paine Webber acquired 173 acres that included the racetrack in 1997. It broke off 90 acres that held a practice racetrack and stables and began selling off pieces to owner-users and developers. Franklin Templeton Investments built its world headquarters on some of the acreage. Texas-based JPI built a 575-unit apartment complex on another big chunk, and Ryland Homes acquired some of the acreage for a mix of town homes and single-family residences.