TikTok is subleasing major San Jose office building

A controversial tenant is subleasing an office building at 1143 Coleman Ave, also known as the Coleman Highline. TikTok is going to ramp up their operations in San Jose. I'm assuming this will be the case whether or not their China-based parent company--ByteDance--is forced to sell their interest in the company. By the way, ByteDance also has 658,000 SQFT in that same office complex.

TikTok will be subleasing the space from Roku. It appears that they will take a total of over 350,000 SQFT across two buildings.

Source: The Mercury News

203 homes proposed off of East Capital Expressway

MidPen Housing is planning to build a 100% affordable housing project at the intersection of East Capitol Expressway and Narvaez Avenue. This is right next to a VTA transit station on East Capital Expressway.

The project would consist of 203 homes divided into studios, 1bd, 2bd, and 3bd units spread across two buildings connected by an open-air elevated walkway. The proposal has already been fast-tracked and only requires the approval of the Planning Department.

There is no official ETA for construction as MidPen is currently seeking financing for the project.

Source: Mercury News

Nvidia AI Conference taking place in Downtown San Jose right now

The latest advancements in AI hardware--which is quickly headed to becoming a multi-trillion dollar market--are being announced right now in Downtown San Jose. Yesterday Nvidia CEO Jensen Huang delivered his keynote at the SAP Center. Throughout the rest of the week, about 10,000 visitors will attend workshops and panel discussions at the McEnery Convention Center each day.

San Jose has a strong desire to make Downtown the AI capital of the world. Hosting Nvidia's flagship conference here is definitely a big win.

Source: San Jose Downtown Association

San Jose will get $12.7 million to build 200 tiny homes

San Jose is acquiring state funding to purchase 200 tiny homes to house a portion of our homeless population. San Jose qualified for the funding due to its record of actually building interim housing instead of just talking about it. So far San Jose has built 499 small homes and plans for 784 more beds.

San Jose already has a site selected for the new homes in North San Jose near VTA operations. The project will be named the Cerone Interim Housing Community and it is expected to open next year.

Source: Patch

Plaza de Cesar Chavez has some new amenities

Just in time for nicer weather, I noticed a few new features in Plaza de Cesar Chavez yesterday. There are two outdoor table tennis tables that look really nice along with fancy lounge seating. Several kids were already playing in the fountains even though it was not a very warm day.

The additions felt very welcome and will inevitably be popular with the college students that are moving into the former Fairmont Annex tower across the street. I also like that the colors chosen match and compliment The Tech Interactive museum.

Hopefully we'll see more surprises like this in parks throughout Downtown San Jose.

Downtown San Jose is St. Patrick's Day Central 🍀

The Downtowner has a list of some of the St. Patrick's Day festivities happening in Downtown San Jose this weekend. Get out there an have a great time!

Saint Patrick’s Day celebrations in Downtown San Jose include a leprechaun hunt, a leprechaun chase, a 5K race, lots of live music, and a lot of green beer. Whether you’re Irish, or just love a good party, here’s some celebrations taking place this weekend:

The South Bay’s Biggest Celebration - Friday-Sunday @ O’Flaherty’s Irish Pub

The Shamrock Run & Leprechaun Chase - Saturday @ San Pedro Square Market

Shamrock Stroll Bar Crawl - Saturday, starts @ The Rec Room

Paddy Hard Bar Crawl - Saturday & Sunday

Shenanigans & Sushi - Sunday @ Sushi Confidential

St. Patrick’s Day Celebration - Saturday & Sunday @ Five Points

Qmunity District’s St. Patty’s Pre-Game Vendor Market - Saturday on Post Street

St. Patty's Day Club and Music Festival - Sunday @ Myth Lounge

Downtown San Jose photo from the edge of SJSU

While this is an older photos of Downtown San Jose missing several new towers, it's a pretty neat angle that shows how connected SJSU is with the rest of Downtown. This will only be more true in the future with the former Fairmont Annex turning into student housing and several student towers are built in areas a few blocks outside the campus.

The Martin Luther King Jr. Main Library was one of the most significant partnerships between SJSU and the city of San Jose. I wonder what other options we have for collaboration. Perhaps something around an AI program involving both coursework and involvement from local startups? 

Source: Visit San Jose State University

VTA board green lights Eastridge Light Rail extension

Finally, the Eastridge Light Rail extension is officially approved. The project will extend VTA Light Rail from the Alum Rock Station to the Eastridge Transit Center, which is 2.4 miles further down Capital Expressway.

The total cost will clock in at a whopping $653 million, which is $122 million over the original budget. This amount will be covered by the VTA's debt reduction fund.

There is one nice silver lining. The extension is expected to be completed 350 days faster than originally estimated. Trains should be running to the new station by 2028.

Source: SVBJ

How much income you need to comfortably afford a San Jose home

Imagine you have just moved your family to San Jose and want to comfortably afford the average mortgage. We're not talking about a luxury home, but your average detached tract home in a San Jose suburb. How much income would you have to make?

Are you ready? $454,296. Almost half a million dollars.

San Francisco requires less, but a still astronomical $339,864 of annual income.

This number is expected to come down in the future with interest rates, which would also increase the supply of homes for sale. In the mean time, we should be doing everything possible to increase the amount of housing available.

Source: NBC Bay Area

Estimated BART costs go up again

If you thought $12.2 billion was astronomical for a 6-mile, 4-station extension... I don't have good news. The Federal Transit Administration now thinks the project will cost $12.8 billion and the timeline will be extended to 2037. Reasons behind the cost increase are primarily the volatility of labor and supply costs.

13 years is a long time. We might be living in a post-AGI word (artificial general intelligence) where costs for design and construction could be significantly lower than expected or perhaps new transit options will arise that were not feasible in the past. While I have voted for the BART extension every single time, the consistent increase of cost estimates and timeline adjustments is concerning.

Source: SVBJ