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5/18/21
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The Boulevard, a planned mixed-use development coming to San Jose’s West Valley, has been fully approved by the City of San Jose and is slated to get underway in the fourth quarter of 2021.
The project, a development of Cypress Equities and Life Time Athletic, will include 284k sf of Class A office space, 16k sf of ground-floor retail and a 1,200-stall parking garage. It will feature a three-story, 120k sf Life Time athletic resort, making it the first in the area designed with health and wellness.
Designed to LEED Silver standards, the office building will have high-performance glass facades and an on-site storm water management and bio-retention system. Open atriums, outdoor living rooms and break-out balconies throughout the building provide collaborative meeting spaces with open air flow. The rooftop deck doubles as an event space with views of the San Francisco Bay, the surrounding city and the mountains.
The development will also include a half-acre outdoor area with a landscaped plaza, shaded outdoor meeting and dining areas, and a garden featuring native trees and plants. HKS is the project architect.
The project is located at the corner of Stevens Creek Blvd and Saratoga Ave. The site is near many of Silicon Valley’s large tech employers and is a 10–15-minute reverse commute from downtown San Jose, CalTrain’s Santa Clara Station and San Jose Mineta International Airport.
Completion is estimated for the second half of 2023. CBRE’s Shane McNulty and Mike Grado are marketing the project for lease.
“The pandemic has accelerated the evolution of the workplace. The Boulevard will offer the next generation of office space, combining wellness features with elements designed to support a collaborative workforce,” said McNulty.
Life Time is bringing its unmatched luxury health and wellness experience to the area. It currently operates five clubs throughout California. The three-story athletic club will include everything one could imagine for healthy living including studios, a spacious fitness floor, an outdoor fitness space and rooftop pool and beach club.
Other highlights include a full-service LifeCafe, a full-service LifeSpa and a Kids Academy for children from three months to 11 years old, which will include a host of classes designed to foster healthy habits from an early age including physical activities, arts and crafts, and language. Expected completion is in late 2023.
San Jose was recently named the No. 1 market for office development opportunities in CBRE’s inaugural U.S. Development Opportunity Index. The report ranked the top 50 U.S. markets by population based on four performance categories: construction costs, fundamental strength of existing supply, prior cycle performance and property forecast. San Jose’s top ranking for office construction was helped by its balanced supply pre-pandemic. The market’s office inventory has increased steadily since 2010, and strong preleasing for office buildings under construction (62%) points to a fundamentally healthy future for new additions.
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