Harvest Properties and Stockbridge Capital Group have purchased the GoPro corporate headquarters campus in San Mateo for $102 million. The companies plan to convert the 22-acre office park into a residential community with 225 homes, including both townhomes and single-family residences. Of these units, 15 percent will be reserved for low-income households.
The Clearview Business Park, located at 3000-3155 Clearview Way, covers 379,615 square feet and consists of six buildings along with parking facilities. Harvest Properties is based in Oakland while Stockbridge operates out of San Francisco.
GoPro currently leases part of the campus but is expected to vacate when its lease ends next year. The future location of GoPro’s operations has not been announced. Before GoPro moved in during 2011, Visa International used the site as its headquarters.
The redevelopment comes as San Mateo faces a challenging office market, with a vacancy rate of 24.1 percent according to Kidder & Matthews’ second-quarter report. This figure is higher than the national average office vacancy rate of 20.8 percent reported by Cushman & Wakefield but lower than San Francisco’s rate of 34.8 percent.
Rising construction costs and high interest rates have led to delays for large multifamily projects across the Bay Area. As a result, lower-density developments like townhomes and single-family homes are being seen as ways to address housing needs in San Mateo.
Preston O’Connell, partner at Harvest Properties, said in a statement: “The effort responds directly to two regional realities — the ongoing housing shortage and the structural challenges facing the office market.”
Tyler Issadore, senior director at Harvest Properties, added: “Projects like this are rare, but they’re essential to expanding the for-sale housing supply and creating opportunities for current and future San Mateans.”
This project marks Harvest Properties’ second conversion of an office campus into housing in San Mateo; it is also developing Peninsula Heights on a nearby site.
San Mateo is required by state law to add more than seven thousand new housing units by 2031 as part of its Housing Element plan.
