The Mill Creek project will bring 8 floors of apartments right to the heart of the San Pedro Square area in what is now a parking lot. While not very tall, this infill project will create 204 new units as well as 9,500 SQFT of retail on the ground floor. One other neat feature is a new landscaped paseo next to Peggy Sue's that will also host some live/work units. This could add thousands of square feet on the retail side if the occupants choose to locate businesses on the ground floor.
This looks like another great project in the Downtown San Jose pipeline. The total cost will be around $90 million and Mill Creek is hoping to break ground by the end of the year. Oh, and the financing is already in place. This has the potential to move very quickly.
Source: SVBJ
There was an article in the Mercury News: The city built its downtown but people largely stayed away. The rotten core is hoping the younger generation will revitalize downtown.
ReplyDeleteIt seems like all of the news I keep hearing is rental high-rises, why is this? and why no properties on the higher end of the scale? I understand they are trying to attract young people but what about others who have a little bit more money? Most of these properties I have looked at in the downtown area, and Santana Row, have builder grade interiors at premium prices.
ReplyDeleteThe Silvery Towers across from San Pedro Square will be condos. I believe there is another tower being converted from rental into condo as well. So they seem to be on the upswing. The rental market definitely seems to be stronger at the moment though.
DeleteI assumed as much, thanks for the response. Hopefully in the future someone considers building a higher end set of condos or lofts.
DeleteHopefully a better rendering comes out soon. The plaza looks pretty nice, but the rest of building looks a bit unappealing, at least in the colorless version of the rendering.
ReplyDeleteI agree, rendering isn't very good. Nothing unique about the design of this property.
Deletei'm glad someone else spoke up about the quality of the new residential units coming in. i'm all for new development and i get that everything can't be luxury, but i wish there'd be some focus on quality and raising the bar a little. and before everyone jumps on me, i live at the axis. it's a nice building, it's billed as the "jewel of downtown" or something. it's not all that. we could use even a smaller building that is truly upscale.
ReplyDeleteErick I agree with your comments. My wife and I have been looking to move downtown and one of the things holding us back is the quality of the buildings/units on the market. We were expecting to be blown away by Axis but honestly it's average build quality and few amenities were a turnoff. And we found all of the other units to be of rental quality. We aren't asking for five star luxury but certainly a step-up from what's currently offered. Would love to see some sort of luxury high rise in downtown!
DeleteThe truth is that until the market proves itself there won't be much appeal for developers to elevate their quality/finishes as they currently don't have to compete against other properties on based on quality.
DeleteWhat do you think about The 88 quality/finishes?
Agreed on the market needing to prove itself. To answer your question about The 88, I personally didn't find the fit and finish of the building to be of high quality but this is subjective. I am personally looking forward to a luxury building being built and my wife and I will be first in line to buy.
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