Source: SVBJ
Saturday, July 9, 2016
Saturday Stats: the San Jose Metro is worth $419 billion
Thanks to soaring property values and new flagship office developments, the value of all real estate in Santa Clara County has hit $419 billion. That is $30.9 billion more than 2015 (7.9% increase). The biggest increases in assessed property value came from Mountain View, Santa Clara, and Cupertino (due to Apple Campus II). San Jose proper appreciated at a respectable 7% which unincorporated parts of the county saw the least appreciation at 0.89%.
Source: SVBJ
Source: SVBJ
Friday, July 8, 2016
Toasted Craft Sandwiches broke ground at the SoFA Market
One of the two last empty spaces in the SoFA Market is now officially under construction. "Toasted Craft Sandwiches" will be coming to SoFA later this year along with another new eatery called Pizzetta 408. Also, if you guys haven't tried Milk & Wood's ice cream and gelato popsicles yet, you have to get on over there and try them out. The SoFA Market is located at 387 S. 1st Street in Downtown San Jose.
Thursday, July 7, 2016
ROEM builds 200 new affordable homes at 295-acre Hitachi master-planned community in San Jose
It is not easy to find affordable housing in San Jose. The good news is ROAM is just wrapping up 200 new affordable homes in South San Jose. The $46 million project is called Charlotte Park Apartments. The homes include several amenities including solar power, access to an outdoor BBQ, children's play area, a lounge, and a community kitchen/entertainment area. The bad news is that the project is already 100% leased. If you are in the market and meet the income requirements, it wouldn't be a bad idea to get on the wait list.
Charlotte Park is part of a much larger planned development that includes market-rate apartments, condos, townhomes, and a 10-acre park. For more info on Charlotte Park, have a look at the press release below.
$46 Million Charlotte Park Apartments’ 200 Affordable Multi-Family Residential Units Are 100% Leased and Near Completion
SAN JOSE, Calif. ― With the near completion of 200 new, affordable housing homes, the $46 million Charlotte Park Apartments in San Jose, Calif., is a great example of ROEM’s expertise in building a high quality affordable residential rental community located within a market-rate development. In this case, ROEM Corp. satisfied most of the affordable housing requirement of the Hitachi master-planned community, with ROEM Builders, Inc., acting as both general contractor and construction manager.
“While inclusionary housing policies provide a major source of funding for affordable housing, they can significantly reduce a developer’s return and create long-term obligations,” said Alex Sanchez, Executive Vice President of ROEM Corporation. “Our market-rate developer partners recognize the benefits of having ROEM act as their third-party general contractor. We assume their affordable housing obligations and pay the in-lieu fees while designing and building high-quality affordable housing that seamlessly blends with their market-rate housing. About 430 of our more than 3,000 new affordable housing units completed since 2000 were built by ROEM for a market-rate developer.”
Located on the former Hitachi Global Storage Technologies campus, Charlotte Park is part of a 295-acre master-planned community that will include condominiums, apartments, attached townhomes, many pocket parks, and a large 10-acre park with a baseball field. Charlotte Park is situated near the intersection of Cottle Road and Highway 85, and within walking distance from the Blossom Hill Caltrain station and the Cottle and Santa Teresa light rail stations. This $46 million development with the construction and permanent financing provided by Citi is affordable to families that make 60 percent or less of the Santa Clara County Area Median Income and provides an amenity-rich residential experience.
“Charlotte Park provides a safe haven to those who are being squeezed out of quality housing in Silicon Valley,” said Jay Abeywardena, Director at Citi. “We are excited to help support this initiative and believe this project will have a meaningful impact on the community.”
Charlotte Park Apartments gained an efficiency of management thanks to two other ROEM developments – Oak Grove Apartments and LEX Apartments – being constructed simultaneously within about a half-mile radius. Although these are separate projects managed by separate teams, ROEM was able to share resources from time to time because of their close proximity.
“With Alliant’s investment of nearly $15 million, Charlotte Park Apartments will provide an additional 200 units of much needed safe and affordable housing to the San Jose Area,” said Brian Goldberg of Alliant Capital, Ltd. “We are proud to be a partner in the development of this property and excited for the residents who will benefit from it for years to come.”
With ROEM’s emphasis on sustainability, Charlotte Park will be pursuing USGBC LEED Gold certification. Because both solar thermal heating and solar photovoltaic power sources are being installed, Charlotte Park has the potential to save up to 85% on utility bills when compared to electric water heating. Per LEED standards, all apartments have high-efficiency flush toilets and faucets as well as “Evolve Roadrunner” showerheads that are thermostatically controlled. In addition, Charlotte Park integrates efficient landscape design by using native species and zero turf on a lot designed to capture and treat all stormwater.
The amenity-rich, four-story apartment building (with 230-parking space garage) includes a courtyard with outdoor barbecue, dining area, tot lot and lounge area; community room with media alcove, kitchen and entertainment area; storage area; homework and computer room; and laundry facilities. Apartments will be equipped with Energy Star refrigerators and dishwashers, blinds, carpet, coat closets, and electrical four-burner stove/ovens.
With completion slated by the end of June, Charlotte Park is already fully leased.
About ROEM Corporation
ROEM Development Corporation, ROEM Builders, Inc., and their affiliated entities are a full-service development and construction organization that has specialized in the acquisition, planning, financing, new construction, renovation and asset management of market-rate and affordable housing throughout California for more than 30 years. Ranked in Affordable Housing Finance magazine’s Top 50 Affordable Housing Developers of 2015 list and a registered member of USGBC and Build It Green, ROEM is dedicated to creating wholesome communities that are not only sustainable but also designed smarter to ensure that residents are healthier, happier and safer. ROEM has completed more than 3,000 affordable housing units with more than 1,000 units currently under construction. For more information, visit www.ROEMcorp.com.
Charlotte Park is part of a much larger planned development that includes market-rate apartments, condos, townhomes, and a 10-acre park. For more info on Charlotte Park, have a look at the press release below.
$46 Million Charlotte Park Apartments’ 200 Affordable Multi-Family Residential Units Are 100% Leased and Near Completion
SAN JOSE, Calif. ― With the near completion of 200 new, affordable housing homes, the $46 million Charlotte Park Apartments in San Jose, Calif., is a great example of ROEM’s expertise in building a high quality affordable residential rental community located within a market-rate development. In this case, ROEM Corp. satisfied most of the affordable housing requirement of the Hitachi master-planned community, with ROEM Builders, Inc., acting as both general contractor and construction manager.
“While inclusionary housing policies provide a major source of funding for affordable housing, they can significantly reduce a developer’s return and create long-term obligations,” said Alex Sanchez, Executive Vice President of ROEM Corporation. “Our market-rate developer partners recognize the benefits of having ROEM act as their third-party general contractor. We assume their affordable housing obligations and pay the in-lieu fees while designing and building high-quality affordable housing that seamlessly blends with their market-rate housing. About 430 of our more than 3,000 new affordable housing units completed since 2000 were built by ROEM for a market-rate developer.”
Located on the former Hitachi Global Storage Technologies campus, Charlotte Park is part of a 295-acre master-planned community that will include condominiums, apartments, attached townhomes, many pocket parks, and a large 10-acre park with a baseball field. Charlotte Park is situated near the intersection of Cottle Road and Highway 85, and within walking distance from the Blossom Hill Caltrain station and the Cottle and Santa Teresa light rail stations. This $46 million development with the construction and permanent financing provided by Citi is affordable to families that make 60 percent or less of the Santa Clara County Area Median Income and provides an amenity-rich residential experience.
“Charlotte Park provides a safe haven to those who are being squeezed out of quality housing in Silicon Valley,” said Jay Abeywardena, Director at Citi. “We are excited to help support this initiative and believe this project will have a meaningful impact on the community.”
Charlotte Park Apartments gained an efficiency of management thanks to two other ROEM developments – Oak Grove Apartments and LEX Apartments – being constructed simultaneously within about a half-mile radius. Although these are separate projects managed by separate teams, ROEM was able to share resources from time to time because of their close proximity.
“With Alliant’s investment of nearly $15 million, Charlotte Park Apartments will provide an additional 200 units of much needed safe and affordable housing to the San Jose Area,” said Brian Goldberg of Alliant Capital, Ltd. “We are proud to be a partner in the development of this property and excited for the residents who will benefit from it for years to come.”
With ROEM’s emphasis on sustainability, Charlotte Park will be pursuing USGBC LEED Gold certification. Because both solar thermal heating and solar photovoltaic power sources are being installed, Charlotte Park has the potential to save up to 85% on utility bills when compared to electric water heating. Per LEED standards, all apartments have high-efficiency flush toilets and faucets as well as “Evolve Roadrunner” showerheads that are thermostatically controlled. In addition, Charlotte Park integrates efficient landscape design by using native species and zero turf on a lot designed to capture and treat all stormwater.
The amenity-rich, four-story apartment building (with 230-parking space garage) includes a courtyard with outdoor barbecue, dining area, tot lot and lounge area; community room with media alcove, kitchen and entertainment area; storage area; homework and computer room; and laundry facilities. Apartments will be equipped with Energy Star refrigerators and dishwashers, blinds, carpet, coat closets, and electrical four-burner stove/ovens.
With completion slated by the end of June, Charlotte Park is already fully leased.
About ROEM Corporation
ROEM Development Corporation, ROEM Builders, Inc., and their affiliated entities are a full-service development and construction organization that has specialized in the acquisition, planning, financing, new construction, renovation and asset management of market-rate and affordable housing throughout California for more than 30 years. Ranked in Affordable Housing Finance magazine’s Top 50 Affordable Housing Developers of 2015 list and a registered member of USGBC and Build It Green, ROEM is dedicated to creating wholesome communities that are not only sustainable but also designed smarter to ensure that residents are healthier, happier and safer. ROEM has completed more than 3,000 affordable housing units with more than 1,000 units currently under construction. For more information, visit www.ROEMcorp.com.
Wednesday, July 6, 2016
Wednesday Wishlist: Lucas Museum in San Jose (Part 2)
Well, it's official. Chicago is no longer in the running for an iconic museum housing George Lucas' expansive art collection. The leaves San Francisco and Los Angeles to fight for the $1.5 billion project. That includes $700 million in construction costs, a $400 endowment, and $400 million worth of art, educational materials, and movie memorabilia. That would be the largest single philanthropic gift by a private citizen to any city in the US.
I think now would be the time for San Jose to throw its hat in the ring. George Lucas has received boatloads of opposition from both San Francisco and Chicago. Their loss should be our gain--let's welcome Lucas with open arms!
There are several locations in or near Downtown San Jose that would work, not to mention Kelly Park. I'm sure we could arrange to give him total creative freedom and some sort of incentives in exchange for having another world class museum in San Jose. These are the types of projects that will help elevate San Jose's culture and brand to the next level. We have a million well-educated, diverse, progressive residents and these are the types of projects we need to fight for!
Source: SVBJ
I think now would be the time for San Jose to throw its hat in the ring. George Lucas has received boatloads of opposition from both San Francisco and Chicago. Their loss should be our gain--let's welcome Lucas with open arms!
There are several locations in or near Downtown San Jose that would work, not to mention Kelly Park. I'm sure we could arrange to give him total creative freedom and some sort of incentives in exchange for having another world class museum in San Jose. These are the types of projects that will help elevate San Jose's culture and brand to the next level. We have a million well-educated, diverse, progressive residents and these are the types of projects we need to fight for!
Source: SVBJ
Tuesday, July 5, 2016
New renders of Museum Place, Downtown's most impressive high-rise proposal to date
I hope everyone has enjoyed the long weekend. It seems like it has been ages since we have had some really exciting development news. Thankfully, Nathan Donato-Weinstein from the SVBJ has come to the rescue with news on Museum Place. This is an epic mixed-use project first revealed last August.
The first formal plans for Museum Place have been submitted to the city, and the latest renders look even more impressive than before. Those plans include 213,820 SQFT of office space, 334 condos, a 143-room boutique hotel, 12,171 SQFT of retail, and a 60,000 SQFT expansion of The Tech museum (ground floor plus one level underground). There will be enough parking for 1,000 cars, all underground using a system where cars can be stacked on top of one another. The building will also have one of the slickest signage/lighting systems in Downtown.
Not only will this significantly change the skyline with a unique design, but it will help activate a paseo that runs between Park Avenue and the Convention Center. Getting a few projects like this in the area will be a game-changer! Check out the renders below and all of the details at the source link.
Source: SVBJ
The first formal plans for Museum Place have been submitted to the city, and the latest renders look even more impressive than before. Those plans include 213,820 SQFT of office space, 334 condos, a 143-room boutique hotel, 12,171 SQFT of retail, and a 60,000 SQFT expansion of The Tech museum (ground floor plus one level underground). There will be enough parking for 1,000 cars, all underground using a system where cars can be stacked on top of one another. The building will also have one of the slickest signage/lighting systems in Downtown.
Not only will this significantly change the skyline with a unique design, but it will help activate a paseo that runs between Park Avenue and the Convention Center. Getting a few projects like this in the area will be a game-changer! Check out the renders below and all of the details at the source link.
Source: SVBJ
Monday, July 4, 2016
Happy Fourth of July!
The Rotary Club of San Jose and Symphony Silicon Valley are once again hosting a world-class fireworks show in Downtown San Jose this year. "Symphony Summer Pops" music will start at 5:30pm at Discovery Meadow. The fireworks show will begin around 9:30pm.
For more info, head over here.
For more info, head over here.
Sunday, July 3, 2016
Good Karma gets a new artsy paint job
One of the best Vegan restaurants and craft beer spots in Downtown San Jose has a slick new facade. Surprisingly, the was the first place Downtown to feature an assortment of rare craft beers. Now there are five such places within a 3 minute walk and about a dozen in Downtown San Jose. If you have yet to try out Good Karma--regardless of whether you are vegan or a carnivore--you must check this place out!
Source: Quadshock from The San Jose Development Forum, SubZERO via Twitter
Source: Quadshock from The San Jose Development Forum, SubZERO via Twitter
Saturday, July 2, 2016
Saturday Stats: San Jose has the 4th highest percentage of upper class residents in the US
The Pew Research center conducted a study to see how income classes have changed over time in 229 US metros. Part of the study was highlighting the 10 metros with the largest percentage of upper-income populations. "Upper income" was defined by being more than double the US median household income relative to the national average cost of living. That means that very expensive areas are adjusted downward. Despite this, the San Jose metro can in 4th on the list, with 31% of the population considered upper class and a median household income of $187,390. San Francisco was 9th on the list with 28% of residents considered upper class and a median income of $185,290.
However, I would argue that if you have a household income of $187,390 in Silicon Valley, you are not wealthy and most likely in the upper middle-class bracket based on purchasing power. Likely you are not living in an extravagant house or enjoying a lavish lifestyle. If you have kids and a mortgage, you might barely be getting by. Check out the source link below for the top 10 list and more details.
Source: Business Insider, hat tip to Barclay Livker for sending this in!
However, I would argue that if you have a household income of $187,390 in Silicon Valley, you are not wealthy and most likely in the upper middle-class bracket based on purchasing power. Likely you are not living in an extravagant house or enjoying a lavish lifestyle. If you have kids and a mortgage, you might barely be getting by. Check out the source link below for the top 10 list and more details.
Source: Business Insider, hat tip to Barclay Livker for sending this in!
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