City of San Leandro and B3 Investors Earn Statewide Recognition for Bayfair Transformation

San Leandro’s commitment to innovation and economic resilience received statewide attention as the City of San Leandro and B3 Investors were honored with the 2026 CALED Award of Excellence for Collaboration in Real Estate & Finance. The award from the economic development industry group recognizes the partners’ work transforming the long‑struggling Bayfair Mall into Speedway at Bayfair—a growing transit‑oriented innovation campus that is already delivering new jobs, new services, and new momentum for the Bay Fair area.

A New Future for an Aging Regional Mall

For decades, Bayfair Mall faced rising vacancies, shrinking retail demand, and limited investment. Today, the site is undergoing a reinvention. Phase I of Speedway at Bayfair is converting 140,000 square feet of former retail space into flexible R&D and innovation suites supporting technology, health care, and education. Companies including Berkeley Yeast, Vantage Robotics, Reforge Robotics, and expanded programs for Carrington College and San Joaquin Valley College are already onsite. A new Asian Health Services senior care facility is slated to open in 2027.

Phase II—an additional 260,000 square feet—is now underway, with long‑term plans envisioning walkable blocks, housing, public‑realm improvements, and new commercial spaces surrounding the Bay Fair BART station.

A Strong, Solutions‑Oriented Partnership

The success of Speedway at Bayfair is rooted in San Leandro’s proactive approach to collaboration. The City aligned land‑use policy, updated the Bay Fair Transit-Oriented Development Specific Plan, adopted zoning changes to allow R&D by right, coordinated infrastructure planning, and streamlined permitting and inspections. San Leandro also secured $2.4 million in regional transportation and planning grants—reducing predevelopment risk for the developer and helping unlock significant private investment.

Beginning in 2023, B3 Investors brought private capital, development expertise, and long‑term commitment, replicating its successful approach from the Gate510 innovation campus at the Westgate Center at Davis and I-880. Together, the partners created a straightforward, business‑friendly environment that accelerated site activation while advancing community goals.

Delivering Real Community Benefits

Speedway at Bayfair is projected to support more than 400 higher‑wage jobs in Phase I alone—jobs that average 73% higher wages than former retail uses. The project also generates new tax revenues, diversifies the City’s economic base, and supports sustainability goals through transit-oriented development and adaptive reuse.

“Speedway at Bayfair shows what becomes possible when a city works hand-in-hand with committed private partners to reimagine a key site for the future,” said Mayor Juan González. This award reflects years of planning, collaboration, and community vision—transforming a declining mall into a hub for innovation, education, and opportunity.”

San Leandro is proud to receive this statewide recognition and excited for the continued transformation of the Bay Fair area. Learn more about the ongoing work in the Bay Fair area at www.sanleandro.org/bayfair.