Crossing the finish line last year was the first phase of an ambitious new project to redevelop the 68-year-old Bay Meadows horse-racing arena and surroundings in San Mateo.

Park Place at Bay Meadows, the seven-acre mixed-use development headed by Bay Meadows Land Company, is only a small fraction of the 83-acre parcel. But it's one with a big impact, turning an outdated site into a vibrant community center.

With 185,000 square feet of office space, 65,000 square feet of retail, 40,000 square feet of residential and a 20,000-square-foot health club, Park Place is the definition of mixed use. But it's not so much its scope as it is the way the development integrates its various functions into a unified whole that makes the project stand out.

Architect Lev Weisbach of Gensler characterized Park Place as "an urban streetscape in a suburban context." The aim, he said, was "to provide a more dense development [that is] more people-oriented and active … like you would find in a downtown environment."

In doing so, Park Place has created a unique urban atmosphere in the suburbia of the Peninsula.

The development consists of four buildings, with major office tenants including Siebel Systems, Cushman and Wakefield and San Mateo Public Library. Retail offerings include Peet's Coffee, Pasta Pomodoro and Whole Foods Market, which, according to Weisbach, has already received a resounding reception from Peninsula residents. "One of the intentions of the owners was to increase the value of the area," said Weisbach. "They worked very hard to get a specialty market and have been very picky about their other clients in order to create a special environment that will draw from outlying areas as well."

The residential aspect of the development is comprised of 19 units for sale, which are located alongside Whole Foods and other food retail.

With a pedestrian-friendly design and subterranean parking, not to mention close proximity to the Bay Meadows Caltrain stop, the developers also have ensured that it is a transit-friendly destination.

Overall, Park Place is a testament to lofty standards of its owners and developers — Equity Office Properties and Blake Hunt Ventures. "It was very challenging because … of the clients' high expectations for the quality of the projects. The design and construction teams were really stretched to their limits," Weisbach said. But, he added, "Everybody seems to be responding to the extra effort that was put in to make it something special. It really has exceeded expectations."