Franklin Templeton growing: San Mateo investment company proposes expansion at Bay Meadows

The company submitted a pre-application to construct two four-story commercial office buildings along Franklin Parkway, immediately northwest of its current headquarters at its 31.7-acre site. The new buildings would total 241,936 square feet as well as 336 new parking spaces spread between an at-grade lot and underground structure, according to city documents.

“To complete the long-term vision of our campus, Franklin Templeton has submitted plans with the city of San Mateo to construct an additional two buildings on our existing campus at 1 Franklin Parkway,” Franklin spokesman Matthew Walsh wrote in an email, noting the additional structures would bring its campus to host six buildings.

The neighborhood is invited Tuesday, June 7, to weigh in on the initial proposal with the Planning Commission scheduled to host a study session Tuesday, June 28.

Franklin Templeton relocated its original New York offices to San Mateo more than 40 years ago and was one of the first occupants of Bay Meadows — which stands out as one of the largest transit-oriented developments in the state.

The site is a quick jaunt to the Caltrain line, nestled against Highway 101 and has multiple bus stops scattered throughout the site.

“Being centrally located along the Peninsula with nearby access to 101, the San Mateo Bridge, and public transportation such as Caltrain, is an important benefit for our employees,” Walsh wrote, adding its proximity to the airport makes it a convenient destination for out-of-town visitors.

Along with the investment firm’s headquarters, the redevelopment of the former practice track — deemed Phase I — included the Kaiser Permanente Medical Center, Whole Foods Market, San Mateo Police Station, 19 live-work condos, 55 single-family homes, 98 townhomes and 575 apartments.

Phase II is now well underway with some of its first office space still under construction nabbed up by SurveyMonkey as well as Blue Bottle Coffee and Tin Pot Creamery jumping at the chance to become the first retail tenants.

San Mateo Zoning Administrator Darcy Forsell noted Bay Meadows has become an attractive site for tenants and Franklin Templeton, which first submitted plans in the late 1990s, has long been a part of the budding community.

“The Bay Meadows transit village is a great location for companies to locate their offices and headquarters not only because it’s on the Caltrain line and provides great transit access to San Francisco and the South Bay, but also because I think that area is really becoming a whole new vibrant neighborhood with pedestrian amenities, bicycle amenities, parks and other amenities for employees. It creates a really social and productive workplace,” Forsell said.

When Franklin Templeton first underwent its planning process nearly two decades ago, it originally received approval to construct up to 893,283 square feet of office space. Those approvals expired for the not-yet constructed portion, however, the company’s recent proposal to further build out the site is in line with what was previously in the works, Forsell said.

Bay Meadows officials noted they expect the entire second phase, which spent years undergoing significant community vetting and planning, to be completed around 2020.

It’s now unrecognizable from the days when it attracted crowds for generations to watch horses race at the former track. When completed, the 160-acre site will host nearly 780,000 square feet of office space spread between five buildings, more than 1,100 housing units, 18 acres of parks, the private Nueva High School, 93,000 square feet of retail space, the city’s police station and Franklin Templeton.

The investment firm has proposed its new structures remain consistent in size, design and aesthetics as its current campus. If the city approves Franklin Templeton’s new buildings, construction is expected to take approximately 18 to 24 months, Walsh wrote.

“Franklin Templeton moved our original offices from New York to San Mateo in 1973, and to our current offices in 2001,” Walsh wrote. “We are proud to have called it our global headquarters for all these years and remain committed to the city.”

One reason the return to focusing on Franklin Templeton’s Phase I site is so exciting, Forsell said, is that it provides a chance to further connect the sites for pedestrians and bicyclists through what is known as a “view corridor.” The wide east-west pathway currently provides an excellent corridor through Phase I and near a park, but stops just short of the Franklin Templeton campus. Eventually, it will connect the soon-to-be constructed social center known as Town Square further into the original Phase I region, Forsell said.

With the entire site nearing completion and still alive with construction, Forsell said she’s thrilled to see Franklin Templeton and others calling Bay Meadows home.

“Bay Meadows village will create an excellent location that combines working, living and playing in a new way,” Forsell said. “We’ve created a mixture of land uses and high-quality design to really change behavior to reduce driving, and improve the quality of life of both residents and employees.”

The neighborhood meeting begins 6:30 p.m. Tuesday, June 7, at Franklin Templeton’s headquarters, Building 920 Auditorium, 1 Franklin Parkway, San Mateo. Visit cityofsanmateo.org fro more information.

samantha@smdailyjournal.com

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