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7/27/16
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Here’s news of a project currently in the planning stage in the Bay Area. A partnership of Wolff Urban Development and JP DiNapoli is finalizing entitlements for a 2.5-acre site in downtown San Jose. The site, located at 355 W. San Fernando St, will be entitled for 300k sf to 750k sf of Class A office space. Alternatively, the site could be developed with up to 800 residential units.
The site represents the last remaining office development plot in the downtown core. The proposed design incorporates a new modern structure with the foundation to service companies’ headquarters, ample natural light and panoramic views. Within walking distance to Diridon Station, commonly known as the “Grand Central Station of the West,” the location offers tenants an authentic urban environment delivering numerous options for housing, shopping, dining and entertainment.
“With new office, residential and transportation becoming available, downtown San Jose has arrived,” noted Wolff, who also co-owns the San Jose Fairmont Hotel. “This opportunity is indicative of the influx of major office tenants and quality domestic and off-shore investment in the area.”
Mark Schmidt, Greg Poncetta and Chip Sutherland with CBRE’s San Jose office are marketing the site.
”355 W. San Fernando Street represents the only fully entitled parcel available in the San Jose downtown core and will be designed to meet today’s occupier needs,” said Sutherland. “Unlike the typical Silicon Valley campus user, employees are truly part of the community, can live downtown and walk to work, collaborate at a nearby restaurant, go for a run on the Guadalupe Trail, and attend a San Jose Sharks game—all just minutes away.”
San Jose is the nation’s 10th largest city, and downtown San Jose is home to over 100 technology companies, including the Adobe Systems and Cisco headquarters and San Jose State University. The San Francisco Bay Area, including Silicon Valley, is the largest tech market in North America and showed a slight acceleration in the rate of tech talent growth in 2014-2015 versus the previous two years. Overall, 120,000 new tech jobs were added from 2010-2015, outpacing other large tech markets like New York and Washington, D.C. by more than double, according to CBRE Group, Inc.’s annual “Scoring Tech Talent,” research report.
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