Affordable homes proposed for Monterery Road in Central San Jose

240 homes will be built built on an empty lot on Monterey Road near Senter Road, 237 of which would be designated as "affordable" one-bedroom units. Amenities would include a clubhouse, laundry rooms on each level, bicycle storage, a basketball court, dog park, picnic area, and a BBQ area. The color scheme looks a lot more interesting than many affordable projects, which tend to just be beige or gray boxes.

$70.9 million of construction financing has been closed, funding a good chunk of the $119 million proposal.

Construction is expected to begin this year at 4300 Monterery Road and it will take about two years to complete the project. 

Source: The Mercury News

Google might bring an affordable housing project to Downtown San Jose

Google still has one foot in the door for their ambitious Downtown San Jose plans. A mixed-used project with millions of square feet of office buildings in a neighborhood now dubbed "Downtown West" have been put on hold, but Google has continued some of their projects to build culture and vibrancy around the new district. Now it looks like they might move forward with an affordable housing project where an old Orchard Supply Hardware store once stood (San Jose company btw).

Earlier this year they razed a building at 720 West San Carlos and now they are evaluating building an affordable housing project on this site. If there were to move forward, it would signal that Google is still serious about investing in Downtown San Jose. If they return to the original plan, up to 20,000 employees could be working in of the capital of Silicon Valley. The economic impact and cultural impact would be significant, especially considering Google has some of the highest median salaries of any company on Earth.

Source: The Mercury News

 

BART to Silicon Valley Phase 2 construction officially begins

After decades of planning, the 2nd phase of BART's extension into San Jose (and Santa Clara) is underway. Construction has started in Brokaw Road in Santa Clara and is expected to create 75,000 jobs.

Phase 1 opened about four years ago with the Milpitas and Berryessa/North San Jose station. Phase 2 will be much more complicated as it requires a subway to be built for three of the stations and will utilize a tunneling method that has been done in the United States. Impact to Downtown San Jose and local businesses should be much less using this method over traditional "cut and cover" subway construction.

The 2nd phase is expected to cost $13 billion and be ready for use in 12 years. The initial estimate was a price tag of $4.4 billion and an opening in 2026. Hopefully there will be some ways to reduce cost and expedite the timeline in the near future.

Source: The Mercury News

San Jose Pride Block Party on June 22nd

The Guadalupe River Park Conservancy and Silicon Valley Pride are hosting a free block party on June 22nd from 12pm to 4pm at the Arena Green West (N Autumn St.) in San Jose. The event includes live music and DJs, food, wine/beer, a drag show, and resource booths. Yet another fun event in Downtown San Jose!

New housing project near SoFA gets funding

166 apartments (164 of which are designated as affordable units) are slated for 802 South First Street just outside the traditional boundaries of Downtown San Jose. The site is just south of Highway 280, a few blocks away from SoFA. The six-story building also includes 1,500 SQFT of ground-floor retail. 

The project will cost nearly $100 million. Fortunately, PNC is willing to finance $66 million of that between a construction loan and bridge loan. The rest will be mostly made up by state-backed financing.

The goal is to kick off construction by September with an expected completion date of 2026.

Source: The Mercury News

Red Lobster planning to shut down its last San Jose location

Red Lobster recently announced another set of locations to close across the United States as part of its bankruptcy and sadly the very last location in San Jose was on the list. 

Sitting at the corner Capitol Expressway and Aborn Road, this has been a staple in Evergreen for decades. In fact, of all the amazing restaurants in Downtown San Jose, I don't think I have been to any of them as often as this Red Lobster. This was always the restaurant I would go to with family for small celebrations. It provided access to pretty decent seafood at affordable prices.

I'm pretty surprised this location is on the chopping block. Despite the high cost of real estate, it always seemed to be packed. Anyway, it will be and end to an era and hopefully something really interesting will take it's place that will become a new staple for the neighborhood.

The locations in Milpitas, Stockton, and Vallejo are also planning to close.

Source: The Mercury News

Unique open house in South San Jose this Saturday - 6810 Canine Court

Everyone complains about affordability in San Jose, but there are still some really interesting opportunities if you know where to look. There is a very unique townhome-style condo for sale in South San Jose in a brand new neighborhood near the intersection of 101 and 85. 

It's a massive 2,506 SQFT home with 4 oversized bedrooms and 3 full bathrooms. That makes it larger than most single family homes in San Jose, yet the listing price is only $555 a square foot.

Costco is literally across the street and several great restaurants are minutes away (I highly recommend Blossom and Bourbon). It also has great parks within the community with bocce ball, basketball, multiple playgrounds for the kids, an outdoor gym, and gated dog park. The Santa Teresa Light Rail station is a 15min walk or 4min bike ride away.

My wife is the realtor and is hosting an open house this weekend from 1-4pm on Saturday with free bubbly and an assortment of appetizers highlighting a highly-rated local San Jose eatery. Last week was Pasteleria Adega and this week it will be something new but equally as awesome. Even if you're not looking for a new home, swing on by to check out the neighborhood and talk San Jose. The address is 6810 Canine Court in San Jose.

Be one of the first 8 groups to mention The San Jose Blog and take home a bottle of either Prosecco or Rosé.

400 foot tall Willow Park project wants to blast through approvals

While not in San Jose or even Santa Clara County, this project is so insane it is worth mentioning. A Bay Area-based developer called Development N17 submitted an application with the city of Menlo Park for a mixed-use project with a 665 units of housing, a 130-room hotel, 324,000 SQFT of office space, 4.9 acres of open space and parks, and a Montessori school. All of this is planned on just 6.7 acres of land.

The tallest building in the complex would be 431 feet high while other buildings would stand 367 feet and 271 feet tall. This would easily be the tallest project between San Francisco and Los Angeles, with it's flagship building standing over 130 feet taller than anything in San Jose.

Willow Park would replace single-story office building from 1951.

The developer is seeking expedited approval and want to start building as soon as possible. 133 units are allocated for affordable housing, which allows them to use an entitlement process known as "builders remedy" which prohibits the city from denying housing developments if the city does not have an approved plan for meeting their housing requirements (which Menlo Park does not).

I really wish this proposal was for San Jose, but I'm optimistic this will have local developers taking bigger bets like this one for the Capital of Silicon Valley.

Source: SVBJ