Saturday, December 28, 2013

More San Jose Luxury Apartments Break Ground

Below is a rendering of "Ascent," Shea Properties' latest apartment project. We are talking 650 units in South San Jose (former Hitachi campus) with an estimated completion of Spring 2015. The total project cost is going to be $200 million, making it quite an expensive development when looking at the unit count ($307k per unit). There will be one, two, and three-bedroom units and luxurious amenities such as saltwater pools, a yoga courtyard, and a community pizza oven.

Looks like nice project, I just wish there was an office component to it as well. We really need more jobs in South San Jose and more housing in North San Jose.

Source: SVBJ

A rendering of the interior of Ascent, a new apartment complex that broke ground today from Shea Properties and Ivanhoe Cambridge.

7 comments:

  1. Nobody is building new housing for poor people.

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    1. That's right :/ I would love to see some inexpensive micro-aparments that would be great not only for those that don't make a huge salary, but also for students, retired people, and those commuting from other states.

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  2. More housing in North San Jose? You are kidding, right? Crescent Village, Domain, Epic, Aire, The Verdant, 121 Tasman & Baypointe are all finished or just about to be. Plus, there is River Oaks Apartments, Brandon Park and whatever is going in on Tasman & Vista Montana. I actually think they need more jobs in NSJ now considering this is only phase one of what they intend to build.

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    1. I know it sounds insane with all the development currently happening, but even after all is said and done there will still be far more jobs than homes in North San Jose, with millions of SQFT more office space coming in the next couple years (and office vacancy is at 20% in that submarket).

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    2. Yup, I think there will be more than enough new jobs in NSJ (237/First project, Trammel Crow, Samsung expansion, Peery-Arrillaga, N1 campus).

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  3. The iStar project (also in the Hitachi property) will add 260K SQ FT of office/R&D: http://www.bizjournals.com/sanjose/news/2013/12/18/after-years-on-the-drawing-board.html?page=all

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    1. Already have a post for this scheduled =)

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