Monday, July 22, 2013

July 2013 Downtown Dimension Highlights

Here are my notes from the latest edition of Downtown Dimension:
  • 1,400 Downtown San Jose apartments are now in the planning stages. Less than 4% of the remaining condos from the 2007-08 high-rise boom remain for sale. New projects include:
    • Centerra - 21 stories, 327 units
    • One South Market - 23 stories, 312 units
    • The Pierce - 7 stories, 235 units
    • North San Pedro Townhomes - 6 stories, 408 units
    • Symphony Development - 7 stories, 129 units
  • Some interesting stats on who is moving Downtown:
    • 26% are 26-35 years old, 33% are 36-45 years old, 21% are 46-55
    • 57% have master's degrees
    • 72% have owned a home before
    • 95% wanted to live Downtown
    • 40% of recent homebuyers at The 88 make over $300,000/year (!)
    • Half of the recent homebuyers at Axis make between $150,000-$250,000/year
  • On Aug 2nd there will be a huge South First Friday and Street Market.
  • ArtPlace America funded Downtown's growing arts scene for the third consecutive year, giving MACLA $750,000 to transform its interior space into an imaginative urban art center.
  • Eight new start-ups have moved to Downtown San Jose from Ireland: 45Sound, Cleverbug, Connected Trips, Fanton, Pubble, Synergy Suite, Viddyad, WholeWorldBrand
  • The Discover San Jose store opened at 150 S. First St.
  • Amor Cafe and Tea opened at 110 E. San Fernando.
  • Seeing Things Gallery is open at 30 N. Third St., and features unique art shows, books, and self-published magazines.
  • Ana's Libreria Bookstore at 20 N. First has spiritual and therapy books in both Spanish and English as well as jewelry.
  • The $320 million Santa Clara County Courthouse broke ground on July 16th.
  • Downtown Hotel Occupancy has gone from 50.16% in 2009 to 69.92% in 2012.
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  1. Hopefully, all these apartments will materialize. The wildcard is Centerra because they're asking the FAA for approval to the height increase to 23 story from 21 story, which is dealing with the Devil(FAA). Risking and potentially project killing move since FAA's rejection could put the project on a tailspin by delays.

    1. Don't know where you're getting this, all permits apps that they have submitted are for 21 stories.

  2. Centerra apartment breaks ground in the first week of August. Once they close escrow on the Centerra property, they want to immediately do demolition to the building standing there by August 5th and begin construction immediately after by excavating. You can count on them breaking ground in the first two weeks of August.

    1. Awesome....thanks for the info.