Hat-tip to Jeff for sending in the info!
Single digit vacancy rate for rentals always leads to new construction in densely populated areas and downtown San Jose is no exception. A recent discussion with Councilmember Sam Liccardo shed new light on projects in the works...and the truth about others that, until now, were just rumors. First, while there is definite interest in the lot between The 88 and The Rep, as well as the SW corner of Santa Clara and Market Street, nothing, according to Liccardo, will happen until the market improves.
Currently, all parties are "simply too far apart," he says.
New apartment construction however, has already been approved to move forward, including three residential high rises: 1. A six-story affordable housing facility for up to 135 residents will be built on Bassett Street, on the east side of the Market Street overpass and west of N San Pedro. The First Community Housing project will be Leed Certified; 2. A six-story Barry Swenson project will be built just on the other side of the Market Street overpass, north of Julian; 3. The largest of the three-also a Barry Swenson project-will include market rate, high-end units and top off at 22 stories near Axis and Andy's Pet Shop. This construction project is expected to also trigger the long awaited Julian Street renovation.
"Look for cranes in the air by year's end," said Liccardo.