Builder buys San Jose Japantown lot to construct 520 apartments, retail

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Oakland firefighters battle a four-alarm fire that destroyed a large apartment building under construction on Valdez Street in Oakland, Calif., on Friday, July 7, 2017. No injuries have been reported; however, nearby apartments were evacuated. (Laura A. Oda/Bay Area News Group)
SAN JOSE – Household builder Shea Attributes has purchased a large empty ton in San Jose’s Japantown district, where by it strategies to create 520 apartments and 19,000 sq. ft of ground-floor retail room.

Japantown is simply for the north of downtown San Jose, nevertheless efforts by San Jose officials to create transit-oriented developments near the downtown Diridon Station assisted to bring in Shea Houses. Google has proposed a transit village near the teach station, that has the potential for new BART and high-speed rail connections, together with current mild rail, Caltrain, ACE Teach, Amtrak and bus back links.

“The demographics of San Jose are pretty interesting; we have finished two other projects there,” Sean McEachern, vice president of development for Shea’s multifamily residences division, said Thursday. “We also are pretty fired up about the opportunity for Diridon Station.”

Mountain View-based Google’s village system would build 6 million to eight million square ft of offices that could accommodate fifteen,000 to twenty,000 Google employees.

The home builder also was drawn for the Japantown district alone.

“Japantown is usually a great space, very walkable; it is a great, energetic, small downtown,” McEachern stated.

ICS Company Garden Multifamily, an company headed by Shea, paid $30 million on Nov. 13 for 3.eight acres that comprise most of the five.3-acre block bounded by North Sixth, East Taylor, North Seventh and Jackson streets, Santa Clara County property data present. The vendor was Jackson Taylor Companions Owner.

Orange County-based Shea Properties, among California’s top rated residential builders, has embarked on a three way partnership with equity husband or wife Ivanhoe Cambridge, a Montreal-based realty firm, to establish the Japantown advanced, Shea stated.

A brochure organized via the prior builders on the site, The Similar Cos. and Williams & Dame Development, touted the project’s benefits.

“San Jose’s most vibrant urban neighborhood will soon be home to considered one of its most ground-breaking developments,” the brochure stated. “It will be a place exactly where residents and visitors can pick up fresh offerings from local farmers and browse an eclectic mix of shops and restaurants.”

1 realty expert believes development with the web site would bolster Japantown.

“This site is actually a tremendous opportunity,” mentioned Bob Staedler, principal executive with Silicon Valley Synergy, a development consultancy. “Japantown is really a highly sought-after neighborhood. It’s a very interesting space. A project here would be quite successful.”

The positioning of Shea’s Japantown project also would include a creativity and arts center and a public park, coupled with parking.

“We are confident we will bring together a incredibly nice project for the city of San Jose,” McEachern stated.