Waters Technology Park

In 2017, Strada and Angelo Gordon & Co acquired an assemblage of adjacent office properties in two separate transactions in San Mateo totaling 165,000 square feet comprised of across 3 buildings on 10 contiguous acres.  The Property was purchased at an attractive office basis but yielded its highest-and-best use as a townhome residential redevelopment site.

Strada successfully re-entitled the site for 190 for-sale homes in a mix of single-family detached homes, attached-townhomes, rowhomes, and stacked flats.  This project also employed the State Density Bonus and was fully compliant with the City’s Inclusionary Affordable Housing Ordinance delivering 10% affordable units onsite.  The project was unanimously approved at both its 2019 Planning Commission and City Council hearings.

During this re-entitlement effort, Strada successfully managed the office project, which helped reduced the acquisition and entitlement basis while providing significant optionality and downside protection. In 2020, Strada sold the Project to a public home builder to complete the vertical development.