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11/03/15
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Lyon Communities has obtained a $44 mil mezzanine loan from PCCP LLC to begin construction on The District, a residential development in the Silicon Valley city of Milpitas. The seven-story, Class A multifamily project will contain 371 res units over 45k sf of ground floor retail.
The project will cover a 5.2-acre site at 1315 McCandless Dr, east of I-880 off Great Mall Pkwy. It is expected to be completed in late 2017.
The north San Jose/Milpitas submarket is consistently among the most stable residential markets in the country. According to MPF Research, the submarket reported 95 percent or greater occupancy since 2009, with second quarter 2015 occupancy at nearly 97 percent.
The District is within the Milpitas Transit Area Specific Plan (TASP), which is designed to redevelop underutilized warehouse and flex office buildings into transit-oriented, mixed-use developments. The impetus for TASP is the extension of Bay Area Rapid Transit (BART) into San Jose and the development of the new Milpitas BART station just a few blocks away from the property that will also be completed in 2017.
The District is located near Silicon Valley’s largest employers including Samsung, eBay, Sandisk, Cisco, Intel, and KLA Tencor. It is also less than one mile from Interstate 880, 680, and 237 freeway ramps, providing direct access to San Francisco, San Jose, and Silicon Valley and is across the street from Simon Property Group’s 1.1 million-square-foot Great Mall.
Lyon Communities has acquired, managed, and/or renovated more than 23,000 residential units and has developed over 11,000 units since 1989. The company currently manages 37 properties totaling approximately 8,000 units located in California, Georgia, Colorado, and Florida, and has over $2 billion in assets under management in various stages of development. Lyon has had recent success in Milpitas, developing a 366-unit multifamily project in 2013 called the Apex just several blocks from The District.
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