Originally, I was going to get a keg, but I think I have a much better idea... craft beer tasting! I'm going to buy at least 10 bomber bottles of a wide variety of phenomenal craft beers (IPAs, Porters, Lambics, etc). All you need to do is grab a glass and sample as many as you'd like. Just look for the bench or table covered in bottles. Hope to see you guys there!
They haven't broke ground and may not because of pending apartment glut. Haven't you guys look at all those apartment construction(9,000 units) well underway and completed? They only just test piled at One South Market as of Mon. May 28, 2013, and that's just it. They have not even touched the site since over 2 weeks ago. Hold that party until they really do break gound, if ever.
ReplyDeleteThe whole North San Jose is awashed in apartment construction, about 9,000 of them. They're apartment construction on lightrail line, too, and scattered areas of San Jose. They're even about to break ground at the old IBM site on Cottle for apartments and retail. I actually think the One South Market and Centari developers are getting cold feet and having second thoughts about going ahead with these two highrises.
ReplyDeleteMan...I wish there was an apartment glut, so apartment rents could go down a bit, so people would go back to renting, so I could buy a freakin 1200 sqft house in San Jose!
ReplyDeleteSome of you are just a real drag on our collective optimism, aren't you? San Jose boosters can't even get a piece of feel good story in a blog without a pessimistic troll chiming in, ain't it?
Do you hate San Jose that much? Just let it all out, baby, just let it all out...
And where have they given you the consideration that they have cold feet?
ReplyDeleteAnd to tell you the truth, as a homebuyer dealing with a sickenly-depleted inventory, I am MORE THAN HAPPY we're building more housing. As long as it's high-density with some mixed-use residential using infill developments, and as long as we also have proportionate office build out, then I'm all for it.
ReplyDeleteThis is a rather large city. If we want to attract well-heeled individuals to live here and contribute, then it's time to build newer, more up-to-date residences to attract them.
Now, I will agree with you that the celebration is a bit premature :)
ReplyDeleteJosh, I think it's best we wait till the building on site is demolished and some groundwork has been established, then we can have the beers without any "hemming and hawwing" about any "what ifs" :)
Why would Essex (One South Market) and Simeon (Centerra) care about the apartments going up in North San Jose? The potential tenants for those units are not the same as those that want to live in DTSJ and in highrises. Besides, the DTSJ units wont come on-line until 2015-16...whereas the NSJ stuff will be ready much earlier.
ReplyDeletePS. Essex is also building apartments in NSJ (Epic Apartments), so they know what the state of the market is.
There's your answer! Essex is sweating over the huge volume of housing being delivered in very short period of time, and some won't be online until 2015, too. Bob Pester of Boston Property threw San Jose under the bus when he told the Wall Street people and the real estate community nationally that Downtown SJ is a money loser! 2 highrises downtown had to be taken back the lenders and 101 San Fernando sold at a loss. Check the One South Market site this week. If nothing happens, you can pretty much cross it out for good since they haven't done anything for nearly 3 weeks since done some testing and preliminary work. They would have gotten cold feet and had a second thought. Maybe somebody knows more than me. Check with Mark Tersini. If nothing happens within a week, you can pretty much forget it. The blame would then be the city's housing policy focusing too much housing outside downtown, particularly North San Jose and South San Jose as well as along transit line. There better be construction activity and demolishion today or very, very soon for me to be hopefully wrong. If you see construction withing the next couple of days, then I'd be happy that I'm wrong! This week is key. The same goes for Centari, which is slated to underway in July!
DeleteCorrection above: there better be demolition today.
Delete@Reality Check -
ReplyDeleteI think you are reading way too much into this pause between test piles/borings and the start of other activity on the One South Market site. Minor breaks in activity are not atypical, especially early in the construction process. What would be unusual would be a developer suddenly backing out now, after putting probably hundreds of thousands if not millions of dollars in design work, permits, coordination with the city, etc.
Want another reason why One South Market and Centerra are likely to move forward this year? Both are taking advantage of high-rise development incentives the City offered a year or so ago. The incentives have certain deadlines associated with them, so if the developers don't make them, they lose out. Now if the market has suddenly changed for the worse, the developers might still back out even if they lose the incentives... but there's little evidence I've read that the market has gotten weaker... in fact, there's more evidence of a nationwide housing recovery underway.
Although I find it odd to celebrate prior to any real groundbreaking, it's also sort of weird to find all the negative speculation in these posts. Unless some of you work for KT/Essex or Barry Swenson, you don't really know. Period.
ReplyDeleteThe bottomline is: They haven't broke ground yet. Wait until they break ground for sure before having a celebration.
ReplyDeleteI'll agree with Reality Check on the above point.
ReplyDeleteReality Check,
ReplyDeleteThey have already applied for Demo permits for the existing structures at One South Market.
Free Beer? This may be the best blog ever!
ReplyDeleteWish I could join you and the other readers! 1SM will be nice addition to the DTSJ skyline.
ReplyDeleteJosh, are you still going to have this celebration this weekend? There are alot of skeptism in this blog as to whether 1 South Market is really underway.
ReplyDeleteOne South is definitely happening, beers are still on. If fewer people come, that will just mean more beer for the rest of us =)
ReplyDeleteIf built, it would be an awsome building for downtown. Prey that it happens and nothing would stop it from happening. I just got back from New York, and this building would outdo any in New York for a residential tower, existing, new and under construction! hopefully, it's for real and not just a smokescreen and talk.
ReplyDeleteHopefully, it'll happen. If it does, it would be prettier than any residential buildings I've seen in New York, existing, new and underway. I was just in New York. Hopefully, it's for real, not a smokescreen or just talks. It would be awsome for San Jose to have this tower. It might be to good to be true, and I hope it's not!
ReplyDeleteFrom the press release from Essex Properties:
ReplyDeleteEssex Property Trust, Inc. (NYSE: ESS), announced today the purchase of a land parcel and commencement of construction on an apartment community located in downtown San Jose, California. The twenty-three story property will contain 312 homes and approximately 6,000 square feet of ground floor retail space. The Company expects the community to cost approximately $145 million and will begin leasing in the spring of 2015.
The actual ground breaking ceremony set: June 25th, 2013.
ReplyDeleteAgain, this project is a done deal. Let's celebrate tomorrow!
ReplyDelete