Dual-branded hotel and condo coming Downtown

A unique multi-use building is coming to the corner of Clinton Place and Stockton Avenue, which is on the border of Downtown San Jose and The Alameda. The nine-story (97-foot-tall) project would host two different hotel brands, a Courtyard by Marriott and a Residence Inn. Combined they would have 311 hotel rooms and three stories of underground parking.

What is even more interesting than two hotel brands in a single building, is the fact that they are also building 19 market-rate condos on the top floor. This is the first time in Silicon Valley proper that condos are being included as part of a hotel project. Yet even more unusual, these are entry-level hotel brands. Typically you find condos that share hotel facilities in hotels like the Four Seasons, St. Regis, or Ritz Carlton. This goes to show how in-demand housing is in the area.

The hotels and condos are an easy walk to Whole Foods, the SAP Center, and Diridon. When Google builds their headquarters Downtown, these will be the closest rooms to their offices. It's a safe bet that nightly rates will be astronomical throughout the workweek.

If final approval from the city is received within 10 months, the hotels could be ready by 2020.

I'm happy to see more hotel rooms proposed for the area, but the building aesthetics could use some work. We don't want another AC Hotel fiasco (this kind of looks like a prison as well). Each new project should bring additional character to San Jose, and this looks quite generic. At minimum, perhaps they could utilize the giant roof area to build a park/outdoor lounge for guests and residents. The Pierce is a great example of how you can build something without height that is visually appealing and is additive to the neighborhood.

Source: SVBJ

New World-Class Tower Proposed for Downtown San Jose!!!

If you are wondering why I began today's post with a photo, it is because I was almost lost for words when I read Nathan Donato-Weinstein's article in the Business Journal. This high-rise proposal is easily the most impressive I have ever seen in my lifetime for Downtown San Jose! 

The City of San Jose has been shopping around for a developer to come in an build out a killer project in one of Downtown's best locations right behind the Tech Museum. Of the four proposals they received, they have chosen to move forward with one by Insight Realty, which includes a design by Steinberg Architects (same architect that did The Tech). It looks like they made the right choice.

This would be the most "mixed-use" high-rise tower in San Jose, and maybe even in the Bay Area. This project would include a 60,000 SQFT expansion of the Tech Museum on the ground floor, 210,000 SQFT of "creative office space" on the next five floors, twelve stories of condos, then three stories for an upscale boutique hotel, and finally a floor of luxury penthouse condos. The tower would rise 270 feet tall and have a cascading effect that would bring green balconies and terraces to a huge portion of the building. It looks like they would even turn the roof of The Tech into a park! 

I don't even know where to begin with how excited I am, and and the impact this would have Downtown! As opposed to just being residential, it will bring some much needed hotel and Class A office space Downtown. This would be the first new office space built Downtown since 2010. Each component of the project has a symbiotic relationship with the rest. The park could be used by office workers during work days and residents and hotel patrons during nights and weekends. The hotel amenities would be accessible to residents as well. Parking could be shared between office workers and residents since they have separate peak demand cycles. The list goes on and on.

As for location, it could not be more central Downtown. Plaza de Cesar Chavez, the Convention Center, the Center for Performing Arts, the City National Civic, the Montgomery Theater, The Guadalupe River Park, and of course the Tech are all immediately accessible. Across the street you will find the Adobe's Headquarters and the Riverpark Towers with two of the fastest growing tech companies in San Jose, Xactly and Intacct. If you draw a circle a 10 minute walk from the proposed project, it will include San Pedro Square, SoFA, Camera 12, most companies on Santa Clara Street, and about 150 restaurants. If you go out 15 minutes, you can add the SAP Center, Diridon Station, and SJSU to the list.

Last, but definitely not least... the building has landmark-grade architecture. I would be 100% satisfied if the design did not change one bit between now and when the shovels hit the ground. Even better is the fact that it would replace two of the most dilapidated and ugly buildings Downtown. (Update: these two structures are just outside the scope of the project, although I can't imagine the building on the corner staying there for long.)

If all goes well, the City of San Jose and Insight Realty could finalize the deal within six months (hopefully much sooner). No construction start date is listed in the article, but late 2016 might be feasible if the deal gets wrapped soon. Exciting times ahead!

Source: SVBJ

Record Condo Sale in Downtown San Jose

The most expensive condo sales on a square foot basis in Downtown San Jose just happened last month. One of The 88's penthouses clocking in at 1,488 SQFT was sold for $2.2 million dollars. This comes out to be $1,478 per square foot, something you would expect to see for condos in New York or San Francisco.

The price may seem steep, but this unit does come with one of the most amazing balconies in Downtown San Jose, if not the entire Bay Area. You practically have a back yard in the sky. This unit was previously sold in November 2012 for $1.16 million.

Sources: Black & Gold, SSC

 

Skyline Condos

Housing prices in Silicon Valley are astronomical, but there are still a few good deals in town. Skyline was converted from a rental building to condos not long ago, and their one-bedrooms start at $370k. They also have special financing available that lets buyers own a home for just 3% down.

What I like about this location is that it is a stonesthrow away from both Downtown San Jose and Willow Glen, and it is right on both the Caltrain line and Light Rail. I heard that there can be some noise from the trains for some of the units, but besides that it looks like a great place to live at a surprisingly low price. The amenities include open floor plans, granite kitchen countertops, an outdoor kitchen/BBQ, and a swimming pool that they are adding by summer.

Speaking of the pool, they are doing a groundbreaking party & BBQ on April 5th, from 11am to 12:45pm. You can find out more info about this event over here. To learn more about the condos themselves, visit www.skylinesanjose.com.

Downtown Condo Crawl Tomorrow

If you're interested in Downtown living, tomorrow is going to be a great time to sample each of the high-rise condo towers. They are also giving away all sorts of prizes including an iPad. While you're at it, don't forget to check out some of the other festivities going on tomorrow Downtown!

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San Jose’s high-rise condominiums host springtime Downtown Condo Crawl Open House

Tours of Axis, City Heights and The 88 showcase urban living as high tech boom carries into downtown real estate market

SAN JOSE, Calif. (April 10, 2012) – While the high-tech boom in Silicon Valley is fueling increased demand for new home sales in the region, downtown San Jose’s three new high-rise condominiums – Axis, The 88 and City Heights – are offering a springtime glimpse into urban living at the Downtown Condo Crawl Open House.

The Downtown Condo Crawl runs from noon - 4 p.m., Saturday, April 21, 2012 and features model home and penthouse view tours at each condominium, ongoing pedicab rides connecting each destination courtesy of Eco City Cycles, raffle prizes (including a new iPad), music, refreshments and more.

According to Paul Zeger, president of Pacific Marketing Associates, the firm who handles the sales and marketing for all three downtown condominiums, for potential homebuyers, “now may be the best time to buy before heightened demand begins to drive prices up.”

 “The Condo Crawl is a chance for prospective buyers to experience three great downtown communities in one fun afternoon,” said Zeger. “Downtown San Jose offers a great lifestyle and with today’s prices and low mortgage rates, the monthly cost of ownership hasn’t been this affordable in more than 30 years.”

Visitors can begin the Condo Crawl at any of three downtown high-riselocations:

Axis                                                           

38 N. Almaden Blvd.

(408) 297-9888

www.axissanjose.com

City Heights                                               

175 W. St. James St.

(408) 286-2489

www.cityheightssanjose.com

The 88

88 East San Fernando St.

(408) 279-8882

www.the88sj.com

If tour-goers visit all three properties and get their Downtown San Jose Passport Postcardstamped at each location during the event, they are eligible for prizes courtesy of downtown San Jose merchants.

On-site sales centers will make it easy to check out each development, including tours of model homes, penthouses and amenities. Each condominium is more than 65 percent sold; however, a wide-variety of homes and floor plans remain. Each location will have lenders on hand to help potential buyers with financing questions, as well. 

The Downtown San Jose Condo Crawl Open House is part of a unique public-private initiative to promote the features and benefits of living downtown in the heart of San Jose. The effort is endorsed by the San Jose Downtown Association and other civic and business leaders, as well as each high-rise’s developer:  Wilson, Meany Sullivan (The 88), Barry Swenson Builders (City Heights) and KT Properties (Axis). Downtown restaurants and businesses have jumped in to support the effort, providing raffle prizes.

“With the arrival of even more resident-friendly businesses in downtown San Jose, such as the  new San Pedro Square Market, now is the perfect time to make a home in our vibrant community,” said Scott Knies, executive director, San Jose Downtown Association. “This Condo Crawl is a convenient opportunity for people to discover the advantages of urban living.”

For more information, visit www.sjdowntown.com/Find_Your_Home.html

About the SJDA

San JoseDowntown Association (SJDA) is a non-profit membership-based organization founded in 1986.  SJDA represent business and property owners working to enhance the vitality and livability of downtown San Jose.  For more information, call (408) 279-1775 or visitwww.sjdowntown.com

About Axis

Downtown San Jose’s award-winning luxury condominium tower, Axis opened in 2008 and now has nearly 400 happy residents enjoying the perks of urban living. Neighbor to historic Hotel De Anza at the apex of majestic Almaden Boulevard, Axis commands San Jose’s premier location, offering all the advantages of urban living, including access to the popular new attractions at the San Pedro Square Market. The dramatic 22-story, 228 ft. tall glass and granite high-rise designed bynoted architects Ankrom Moisan features 329 spacious homes with luxury services and amenities, including floor-to-ceiling windows with breathtaking views of Silicon Valley. Downtown’s best-selling development, Axis was named “Residential Development of the Year” for 2007 by the Silicon Valley/San Jose Business Journal. For more information about Axis, marketed exclusively by Pacific Marketing Associates, stop by the sales center, open daily 10 a.m. to 5 p.m., at 38 N. Almaden Blvd. in San Jose; call (408) 297-9888; or, visit online at www.axissanjose.com

About City Heights

City Heights is a modern 15-story high-rise in Downtown San Jose, offering residents dramatic skyline views.  Built in 2008 by developer Barry Swenson, City Heights features 124 lofts, one- and two- bedroom homes, and penthouses, priced affordably from the high $200,000s. More than 100 people already call City Heights home. City Heights is an easy stroll to great restaurants, shopping, parks and cultural destinations, such as art galleries, museums and HP Pavilion, home of the San Jose Sharks and ongoing concerts and events. There’s also convenient access to San Jose International Airport, public transit and major freeways.  For more information or to see our models, stop by the City Heights Sales Gallery, open daily 10 a.m. -5 p.m., at 175 W. Saint James, just off Market Street; call (408) 286-2489; or, visit online at www.CityHeightsSanJose.com

About The 88

At just under 88-meters in height, The 88 is the tallest residential building between San Francisco and Los Angeles and offers stunning, unobstructed views. The best-selling downtown high-rise as of summer 2009, The 88 has 197 well-appointed 1-, 2- and 3-bedroom homes, most with floor-to-ceiling glass; has been designed with superior appliances, finishes and floor plans; and offers technology-readiness to attract the most discriminating buyers. Safeway’s innovative urban-format store, The Market, opened in August 2010 on the property’s ground floor. Voted Best Architectural Design by the Business Journal in 2008, The 88 is a joint venture of Wilson Meany Sullivan, Stockbridge Real Estate Funds, CIM Group and the San Jose Redevelopment Agency.  For more information, contact The 88 at 408-279-8882 or visit the website, www.the88sj.com

Downtown Condo Crawl Open House + Free Drink at SPSM!

This Saturday from 12-4pm you can check out all of the high-rise condo buildings in Downtown San Jose with free pedicab transportation between each one! If you have ever wondered what living in a high-rise would be like, this would be a good opportunity to get more information and see all of your San Jose options. As an added bonus, if you visit all 3 towers you will get a drink ticket for use at the San Pedro Square Market (complete digression here, but it's really coming along nicely and well worth a visit). 


Fore more info click to enlarge the image below or click here, here, or here. (Come on, I know you want to click all 3!)

New Condo Development - Latitude 88

Looks like a new 1, 2, and 3 bedroom condo building is coming to San Jose at the intersection of Tasman and Zanker (near @First). If you take a good look at the sign it references the www.latitude88.com, but it looks like there is nothing there at the moment. Also googling Latitude 88 didn't yield much either. If anyone has info, please let us know in the comments.

Thanks to Luke for the tip and the photo.