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Key facts

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Property description

Jones Lang LaSalle Americas, Inc.("JLL"), as exclusive advisor, is pleased to present the opportunity to purchase a fully entitled, 3-acre development site ("Site" or "Project") recently approved for the development of 1.2 million buildable square feet of office, located in Downtown San Jose. The General Plan amendment allows for the development of any combination of office, hotel or residential use. The seller assembled the development site by aggregating 19 parcels from 12 different sellers. The Project is located one mile from San Jose's Diridon Station, providing direct access to San Francisco, which is less than an hour via Caltrain. The ease of Caltrain in Silicon Valley has created an impressive increase in demand from corporate tenants looking to relocate from San Francisco. Downtown San Jose provides the only true urban environment in Silicon Valley, attracting attention from major tech players including Google, who has shown a continued commitment to the city through their recently approved mixed-use campus near Diridon Station, Google Transit Village.


SITE OVERVIEW

The existing site consists of detached Single Family Residential and lies within San Jose’s Downtown Commercial zoning restriction. The allowed use under the Downtown Commercial (DC) zoning includes residential, office, and hotel use with a max FAR up to 30:1 and height up to 380 feet.


DEVELOPMENT OPTIONS OVERVIEW

With the recent General Amendment approval, the buyer has several development options for the site, including any combination of residential, office, or hotel use.

  • Option 1 - Approved Use: an office development, consisting of two 20-story towers totaling 1.2 million SF, with approximately 10,655 SF of ground-floor retail. Each tower would consist of 4 floors of subterranean parking and 4 floors of above ground parking, totaling approximately 1,205 parking stalls.
  • Option 2 – Allowable Use: a mixed-use development consisting of one, 17-story office tower totaling 604,000 square feet of office space, with approximately 10,000 square feet of ground floor retail. The second tower, a 26-story residential and hotel tower, would consist of 222 residential units, 320 hotel rooms, and an 18,000 square foot amenity terrace. The entire project would include 4 floors of subterranean parking and 4 floors of above ground parking, totaling approximately 1,505 parking stalls, with 361 spaces allocated for the residential and hospitality uses.

Investment highlights

GOOGLE’S RECENTLY APPROVED DOWNTOWN SAN JOSE MEGA CAMPUS

The City of San Jose has recently approved Google’s mega campus, which includes more than 8 million SF of office and R&D space, which will serve as Google’s largest campus. The area is being developed as the city’s central hub, with an extended reach drawing employees and visitors via several future transit investments, including the addition of high-speed rail, electrification of the existing Caltrain route, and continued expansion of BART. Google has invested $350 million into several plots of land near the Diridon Station area and intends to buy a total of 240 acres to fulfill the company’s expanding requirements.


EXCEPTIONAL TRANSIT-ORIENTED PRIME CORNER SITE IN DOWNTOWN SAN JOSE CORE

Last Updated Date: 06 Oct 2021
Peter Smyslowski
Peter Smyslowski
Senior Managing Director, Capital Markets
Broker Licenses
CA-01301231
Bercut Smith
Bercut Smith
Senior Director, Capital Markets
Broker Licenses
CA-01991580

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Last Updated Date: 06 Oct 2021

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