Four more residential towers have been proposed that would extend downtown’s high-rise footprint beyond its current boundaries.
- South First and Reed streets: KT Urban proposes development of a 27-story, 285-unit property with 6,105 square feet of retail at 600 S. First St. in SoFA, where Garden City Construction office, a multi-unit residential building and parking lot are located
KT Urban once again used C2k Architecture to draw plans for the now-titled Garden Gate Tower, and like the Axis, Silvery Towers and One South Market buildings before it, will be plated in glass. This building would have four levels of parking underground and three levels above.
If built as proposed, it would stand 288 feet and would become the tallest building in San Jose. The 88 at 88 E. San Fernando St., is 286 feet.
- Bassett and San Pedro streets: KT Urban also proposes a tower called The Aviato @ North San Pedro comprised of 302 condominium units and about 10,000 square feet of retail.
The 18-story building would be positioned at the end of San Pedro Street in the soon-to-be-developed North San Pedro/Brandenburg neighborhood.
- Almaden Boulevard and Park Avenue: Equus Capital Partners wants to build on the corner site of the former Superior Court, expanding CityView Plaza to include a residential component.
The 260 proposed units would rise 24 stories and 1,500 square feet of retail would front Park Avenue. Most units would be studio, one-bedroom and two-bedroom, with a few three-bedroom homes planned.
It would potentially go up in view of two other projects: the Museum Place multi-use tower across the street on Park Avenue and the fourth Adobe tower on San Fernando Street.
- Fourth and St. John streets: ECI2 North Third, LLC, the owner of the St. James Plaza building at 152 N. Third St., proposes to build a structure equal in height to City Hall.
Though mostly parking lot space currently, two houses on St. John Street would need to be razed and some rezoning is required before the 26-story, 285-foot building of 400 units (or 900 beds) can be approved. The designated downtown core zoning would need to be expanded a half block to include the development site.
The owner wants the building to add to the student housing supply at San Jose State University, said Erik Schoennauer, a planning consultant on the project.The project would include 8,400 square feet of retail space on the ground floor.
ECI acquired the development parcel, along with the 152 N. Third St. building, in the same 2013 transaction.
Residential projects breaking ground:
The City Council is scheduled to approve 50 percent reduction in construction taxes and parkland fees for the following residential high-rise projects on Oct. 3, which would start the clock for securing a building permit by July 2018 and final inspection of at least 80 percent of units by December 2020 to comply with receiving the fee incentives:
- SJSC Towers by SJC Properties (called “Peregrine Towers” by SJDA): Two 28-story towers, 298 and 312 units respectively, up to 14,381 square feet of retail, across from City Hall on Santa Clara Street, between Fourth and Fifth streets.
- Park View Towers by Park View Towers SJ: One 13-story and another 18-story towers, 214 units plus six townhomes; up to 14,555 square feet of retail space; and renovation of the historic Church of Christ Scientist building at 252 N. First St. Z&L Properties broke ground on the project Sept. 23
- North San Pedro Tower by North San Pedro SJ: 18 stories, 313 units and 1,400 square feet of retail at 323 Terraine St. Z&L Properties broke ground on the project Sept. 23
- The Graduate by AMCAL Swenson: 19-stories, 260 units (1,039 beds) for student housing, plus 14,700 square feet of retail space at Second and San Carlos streets. Ground-breaking scheduled for Oct. 4.
More downtown real estate news:
The Museum Place project on Park Avenue has a construction timeline agreement with the city. On Aug. 29, the city and developer Insight King Wah LLC agreed to a number of timing Milestones, ultimately completing the 1.4 million-square-foot mixed-use project by 2023.
Museum Place is to include:
- About 263,676 square feet of office space on four floors;
- 306 residential units on 14 stories taking 468,577 square feet;
- A Kimpton Hotel on up to five floors of 184 rooms and 203,207 square feet;
- 21,074 square feet of retail space;
- Up to 60,475 square feet of Tech Museum expansion for exhibit, office and retail purposes;
- 900 total parking spaces, of which 400 will be available to the public.
360 goes three-sixty: SoFA’s residential tower has a new owner.
An affiliate of San Mateo-based Essex real estate investment trust appropriately calling itself 360 Residences, paid $133.5 million for the 213-unit, 23-story apartment tower acquired by Capri Capital Partners for $118 million in 2012.
That averages to $626,761 per unit.
Essex owns properties throughout California and in the Seattle area, including 60 properties around the Bay Area plus 18 properties in San Jose, including One South Market and 101 San Fernando. Essex is now the largest multi-family residential owner in downtown.. Check essexapartmenthomes.com/communities.