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Stockbridge Shopping for New Racetrack Site

SAN MATEO, CA- With the 83-acre Bay Meadows Racetrack here nearing approval for a transit-oriented mixed-use redevelopment and no chance for adding slot machines, Stockbridge Real Estate Fund, the owner, hires Colliers to find room for a new track.

By Brian K. Miller | Updated on November 02, 2005

SAN MATEO, CA-Stockbridge Real Estate Fund has tapped Colliers International to go hunting for land to replace the existing Bay Meadows Racetrack here that is slated for a transit-oriented mixed-use redevelopment. Stockbridge owns Bay Meadows Land Company, which in turn owns the racetrack.

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.

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