New housing is underway in San Mateo, where the New Home Co. started construction on 76 condos on a 2.9-acre site.
The project, known as Tidelands, is close to San Mateo’s waterfront near the southwestern corner of Mariner’s Island Boulevard and East Third Avenue in San Mateo. New Home expects to begin selling units, ranging from 925 to 1,518 square feet, this fall at prices starting in the low $800,000s.
“Securing waterfront property is the dream of every homebuilder,” said Kevin Carson, New Home’s president for Northern California. “This is a market in need of attainably priced new homes. We’ve worked hard to create a land plan and thoughtfully designed homes that will meet this need.”
New Home, based in Walnut Creek, has a national pipeline of nearly 6,000 housing units with about 1,100 of those are in the Bay Area. The company went public earlier this year (NYSE: NWHM).
Securing development sites in the core Bay Area is a huge challenge for homebuilders, especially on the Peninsula where development policies make it hard to build housing and sites are hard to come by, said Dean Wehrli, senior vice president with John Burns Consulting.
“With a site on the Peninsula and on the waterfront, (the Tidelands) is a home run waiting to happen,” he said.
Besides the Tidelands, New Home has been busy with other Bay Area projects in desirable cities. The company recently started construction on Woodbury, a 56-unit condo project in Lafayette. Other projects in the works include Rose Lane, an 85-unit project in Larkspur and Foster Square, 400 units in Foster City that recently broke ground and will include a mix of senior housing options.