February 2010 Downtown Dimension Highlights

Here are my notes from the latest edition of Downtown Dimension:

• Mayor Chuck Reed addresses the Redevelopment Agency
• Financial situation is not good, may be able to borrow $30M this year.
• The 2 highest RDA priorities right now are the downtown Baseball Stadium and the Convention Center expansion. These are the 2 with the biggest bang for our buck.
• Regarding building heights and the airport, he indicated that the airlines have choices and we can't just tell them to do it our way shove off. They can cut flights and move to other airports in the Bay Area, we don't want to give them any more reasons to not fly out of San Jose.
• The High-Speed Rail Authority is again reconsidering the potential of an underground HSR station in San Jose, although they made it clear it is not their preferred alternative.
• Some additional news regarding the San Pedro Square Market:
• They want to have a weekend farmer's market instead (or in addition to) the Friday one.
• The targeted tenant distribution is 80% food and beverage and 20% hard goods.
• A special area for kids is also in the works.
• The 20th annual Cinequest Film Festival kicks off Feb 23 and runs all the way through Mar 7. This year it will feature over 200 films from 40 countries.
• On March 5 from 5:00-7:30pm, there will be another high-rise condo open house. This will coincide with both Cinequest AND South First Fridays. Another great reason to spend March 5th downtown (you'll also get free pedicab rides between the high-rises and art venues).
• The 141 W Santa Clara building should be revealed any day now (building under renovation housing Starbucks and La Victoria).
• The Rental Market downtown has been booming. 90% of The Globe is leased, 80% of the Sainte Claire Apartments above Original Joe's are leased, and 94% of the Twohy Lofts are full.

To read the full newsletter, click here!