Leases signed for final parcels at Bay Meadows

Stockbridge and Wilson Meany near completion of former racetrack into vibrant, walkable, transit-oriented community in the Peninsula's San Mateo

Final construction will cap the 20 plus-year project

SAN MATEO, Calif., Feb. 25, 2026 /PRNewswire/ -- Bay Meadows developers Stockbridge and Wilson Meany announced today they have leased the last two commercial parcels at the 83-acre site in San Mateo to a major technology tenant, capping a more-than 20-year development plan that turned a struggling thoroughbred horse track into one of the Bay Area's most vibrant communities of homes, office and retail.

"Bay Meadows has fulfilled the vision we had some 20-plus years ago,'' said Chris Meany, Managing Partner of Wilson Meany, the developer of the project. "This is a walkable, transit-oriented community with homes, parks, office space, restaurants and retail. We believe it is a model for smart, responsible redevelopment.''

With the final two parcels set for construction, Bay Meadows will now have more than 1 million square feet of office space, nearly 1,000 homes, 18 acres of parks, a private high school and more than 40,000 square feet of retail. The development is adjacent to the Caltrain rail line to the west and Highway 101 to the east.

Stockbridge Capital Group, alongside its development partner, Wilson Meany, originally acquired the Bay Meadows horse track in 1997. They created plans for a mixed-use community in the technology-heavy Peninsula that would allow workers direct access to a Caltrain stop to commute to the site, or to head north to San Francisco or south toward Palo Alto and San Jose.

"It's terrific to see the transformation of Bay Meadows over these past two decades,'' said Terry Fancher, Chief Executive Officer of Stockbridge, the real estate investment manager of Bay Meadows. "When we acquired the site, the horse-racing industry was in decline and we knew people and companies would be excited to live and work in a community with easy access to the surrounding Bay Area." 

Bay Meadows is not the only foray by Stockbridge and Wilson Meany into redevelopment of a horse-racing track. In 2005, Stockbridge acquired the Hollywood Park racetrack in Inglewood in Southern California. Stockbridge and Wilson Meany spent 10 years planning and obtaining entitlements to build a 300-acre project that today includes SoFi Stadium, home of the Los Angeles Rams and Los Angeles Chargers, offices, residences, restaurants and retail stores, a park, a lake and the 6,000-seat YouTube Theater. Stockbridge sold most of its stake in the Inglewood project to Los Angeles Rams owner Stan Kroenke in 2014, who built SoFi Stadium on the property. The stadium opened in September 2020.

Stockbridge and Wilson Meany are also among the groups leading development of Treasure Island and Yerba Buena Island in San Francisco. To date, approximately 1,000 new homes have been built there, with thousands more expected over the next decade.  

"The success of Bay Meadows gives us tremendous excitement about the future of Treasure Island,'' Meany said. "We are seeking to replicate the same type of energetic, walkable neighborhood that now defines Bay Meadows.''

About Stockbridge
Stockbridge is a real estate investment management firm led by seasoned senior professionals averaging 25 years of real estate industry experience. The firm was founded in 2003 and manages real estate equity investments across the risk spectrum within a variety of investment structures on behalf of U.S. and foreign institutional investors, family offices and high net worth individuals. Stockbridge has approximately $37.4 billion of assets under management (as of December 31, 2025) spanning all major real estate property types, and certain specialty property types with an emphasis on residential and industrial space throughout the U.S. The firm has offices in San Francisco, Atlanta, Chicago, Dallas, Denver, and Phoenix. For more information, visit www.stockbridge.com.

About Wilson Meany
Wilson Meany is a boutique California-based developer of mixed-use, residential, retail, office and masterplan urban infill properties. From historic landmarks to master-planned communities, public squares to city towers, our projects reflect our passion for smart growth brought to life through technically innovative, meticulously conceived planning and design.  Among Wilson Meany's signature projects are historic icons including the San Francisco Ferry Building as well as some of California's most notable masterplans involving complex entitlements and decades-long horizons including Treasure Island, Bay Meadows and Hollywood Park.  https://wilsonmeany.com/

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SOURCE Stockbridge Capital Group; Wilson Meany