Title
Presentation of 2026 California Association of Local Economic Development (Caled) Award of Excellence for Collaboration in Real Estate and Finance to the City of San Leandro and B3 Investors for the Speedway at Bayfair Project
Staffreport
COUNCIL PRIORITY
• Economic Development
• Infrastructure
SUMMARY
The City of San Leandro & B3 Investors have earned a prestigious statewide Award of Excellence for Collaboration in Real Estate and Finance from the California Association for Local Economic Development (Caled). The award is for the transformation of Bayfair Mall into a mixed-use and transit-oriented innovation campus, now known asSpeedway at Bayfair.
Named after the original racetrack at the location, Speedway at Bayfair is transforming Bayfair Mall into a transit-oriented and mixed-use job center. Owners B3 Investors are converting 400,000 square feet at the rear of the mall into flexible workspace supporting technology, healthcare, and education employers. In an example of creative reuse, the owners are converting former retail space into new, modern tenant spaces and amenities.
Speedway tenants include innovative businesses Berkeley Yeast, Vantage Robotics, and Reforge Robotics, an expanded facility for Carrington nursing college and San Joaquin Valley Colleges, and a new facility for Asian Health Services coming in 2027. Phase I of the project is expected the support over 400 jobs, bringing higher-paying jobs and enhancing the customer base for nearby retailers.
B3 and Gaw Capital Partners have allocated $33 million to invest in the Bayfair Mall property. The City has acted as proactive facilitator - assisting with entitlements and obtaining $2.4 million in regional transportation and planning grants to support improved site layout and infrastructure. This blended structure uses limited public dollars to unlock substantial private investment, maximizing return on public investment while containing risk.
The City’s work in the Bay Fair area began more than a decade ago. In 2018, the City adopted the Bay Fair Transit-Oriented Development Plan with the goal of transforming the area adjacent to the Bay Fair BART station into a vibrant, mixed-use transit oriented development village that hosts housing, retail, and office space. Since that time, Staff from multiple City divisions and departments have worked many hours to support the area, including Planning, Building, Fire, Housing, Engineering, Environmental Services, and the City Manager’s Office.
For more information about the project, visit speedwayatbayfair.com or sanleandro.org/bayfair.
BACKGROUND
Winning an Award of Excellence from the California Association for Local Economic Development represents one of the highest honors for economic development work in the State. This year, the recognition was especially competitive, with 60 applications submitted statewide for just two Awards of Excellence.
These awards highlight projects that deliver measurable economic impact-such as job creation, investment, and community revitalization-while demonstrating innovation, effective use of financing tools, and strong public-private partnerships. The “Collaboration in Real Estate & Finance” category, in particular, honors projects that successfully unite multiple stakeholders and funding strategies to achieve broader economic development goals.
Receiving the 2026 Award of Excellence in this category underscores the City’s leadership in leveraging partnerships to transform key sites and drive local growth. The award-granted for the City and B3 Investors’ collaboration on Phase 1 of a multi-year transformation of the aging Bayfair Mall into a transit-oriented innovation campus-signals that San Leandro’s approach to real estate development is not only locally impactful but also can serve as a model for other communities with struggling malls.
ATTACHMENTS
A: Presentation of 2026 California Association of Local Economic Development (Caled) Award of Excellence for Collaboration in Real Estate and Finance to the City of San Leandro and B3 Investors for the Speedway at Bayfair Project
PREPARED BY: Katie Bowman, Economic Development Manager, Community Development Department