The long-running transformation of the former Bay Meadows horse track into a modern urban hub is nearing its end following the lease of its final two commercial plots. Developers Stockbridge and Wilson Meany announced on Wednesday that a major technology firm has taken the remaining space at the 83-acre San Mateo site.

This deal signals the completion of a master plan that began more than two decades ago. The project has successfully turned a declining sporting venue into a walkable neighborhood. Upon completion of the final construction phase, the site will boast over 1 million square feet of office space and nearly 1,000 homes.

“Bay Meadows has fulfilled the vision we had some 20-plus years ago,’’ said Chris Meany, Managing Partner of Wilson Meany. “This is a walkable, transit-oriented community with homes, parks, office space, restaurants and retail. We believe it is a model for smart, responsible redevelopment.’’

Stockbridge and Wilson Meany first took over the site in 1997. Their goal was to build a mixed-use district that capitalised on its proximity to the Caltrain line. This allows residents and workers easy access to San Francisco, Palo Alto and San Jose. Terry Fancher, Chief Executive Officer of Stockbridge, noted that the decline of the racing industry at the time of purchase made the site a perfect candidate for such a shift.

“It’s terrific to see the transformation of Bay Meadows over these past two decades,’’ Fancher said. “When we acquired the site, the horse-racing industry was in decline and we knew people and companies would be excited to live and work in a community with easy access to the surrounding Bay Area.”

The developers are also applying this experience to other large-scale redevelopments. They were previously involved in the 300-acre Hollywood Park project in Southern California, which now features SoFi Stadium. Additionally, they are currently working on the Treasure Island and Yerba Buena Island projects in San Francisco, where 1,000 homes have already been built.

Meany expressed confidence that the success in San Mateo will carry over to their other ventures. “The success of Bay Meadows gives us tremendous excitement about the future of Treasure Island,’’ he said. “We are seeking to replicate the same type of energetic, walkable neighborhood that now defines Bay Meadows.’’