Katerra To Design, Build New Legacy Partners-AIG Development With Prefab Components
A new transit-oriented development in Hayward will be designed and built using prefab construction. A JV of Legacy Partners and AIG has closed on the 1.78-acre development site at 28168 Mission Blvd., and construction technology company Katerra will handle the design and build for the project, dubbed Legacy@Hayward.
Menlo Park-based Katerra, which is valued at over $3B and secured SoftBank funding earlier this year, links standardization with customization and will be using components for the project built at its new site in Tracy.
The Hayward project will have 97 one- to three-bedroom units averaging 883 SF and 1,700 SF of retail space. It is within walking distance of the South Hayward BART station.
“Hayward continues to seek smart, transit-oriented developments, staying competitive with the Bay Area’s explosive growth,” Hayward Planning Manager Sara Buizer said in a statement. “We’re excited to welcome Legacy Partners and Katerra to the area to help us build innovative housing solutions.”
Some Bay Area developers are turning to prefab and modular construction as a way to create efficiencies that help address higher costs of materials and a shortage of skilled labor.
Katerra relies on vertical integration to streamline the process.
Modular and prefab projects usually take less time to build on-site and without as many delays from weather since components are built in a factory before being brought to the site. Legacy@Hayward is expected to open in April 2020.
Planned common amenities include a media room and kitchen, a conference room, a fitness center with yoga studio, a pool and spa, a bike storage and repair room and electric vehicle parking.
BMO Harris Bank provided construction financing for the project. Kidder Mathews First Vice President, Multifamily Investment Sales Matthew Clark represented the seller, a private family.
