A key chunk of Downtown land has been sold to Symphony Development for $4.25M. This sits right across the street from City Hall and encompasses 61,650 sqft. Currently this space is vacant with the exception of a car wash. This site hosted a few events like the San Jose Green Showcase a while back.
The purchaser is planning to build a high-rise housing development of about 12 stories, likely with retail on the ground floor. The housing could either be market-rate rentals or targeted at students. However, it is still so early in the process that plans can change.
Given the proximity to the airport, they could go to at least 20 stories here, maybe even 25. I'll take any new development Downtown, but I did wish Symphony was planning to shoot a bit higher in their initial plans.