A campus of ten--yes ten--seven story buildings was just approved last week and is going to break ground this year where Bay 101 now sits. The project will span 2 million SQFT and employ up to 10,000 people. Whichever company occupies it will instantly become the second largest employer in San Jose next to Cisco. The company was not announced yet, but we know it will be a tech company, it's on the Fortune 100 list, and they already have some presence in Silicon Valley. My best guess is either Microsoft or Amazon.
The total cost to build out the campus will be at least $700 million. Another interesting fact is that the entire approval process for this mammoth project took only six months. The City of San Jose really fast-tracked this one and hopefully they will continue to keep up this pace for future development.
Source: USA Today, SocketSite