This is news I have been eagerly anticipating for years. Finally, there will be cranes in the air and the next generation of residential towers will rise Downtown!
KT Properties (Axis) and Essex Property Trust have filed a site permit for 285 apartment units in a quarter million sqft, 21 floor tower. There will be 6,000 sqft of retail on the ground floor and potentially more on the second floor. Amenities include a swimming pool and Jacuzzi on the 4th floor, a fitness room, community kitchen, and terraces on the 4th and 17th floors. The building will have 420 parking spaces, half of which will be underground.
Location wise, it could not be more central in Downtown. The tower will be on the corner of Santa Clara Street and Market Street, right across from San Pedro Square, 5-7 minutes from the HP Pavilion and Diridon Station, and a couple blocks away from Plaza de Cesar Chavez. The future BART station will be no more than a few blocks away. This is an uber-prime location that has been a parking lot for way too long. The impact will be dramatic.
If our rental market continues to stay hot over the next two years, you can expect the entire building to be leased within 3 months of opening. We all saw what the last 4 residential towers did for Downtown, imagine what these next ones will do. And yes, I did say ones with an s.
Barry Swenson Builder is also working on a 21-story tower of their own called The Carlysle. This building will be across the street from the San Pedro Square Market and be even larger at 347 units. In fact, I just saw an advertisement last week from Barry Swenson that featured the Carlysle with the caption "First downtown San Jose tower out of the ground since the great recession." They haven't filed their site permit yet, but that quote is definitely a good sign that it is going to happen soon.
As soon as either of these break ground, we'll have to have a celebratory meet-up at The SPSM.
Sources: SJBJ, The Registry