One of the highest-potential areas for development in Downtown San Jose is known as Fountain Alley. This is huge chunk of a city block facing Second St. (the Improv) that is currently being used as a parking lot primarily serving Bella Mia, Original Gravity, Paper Plain, Nemea, and several smaller shops on First Street.
In the past, this has been the site of several failed development proposals. CIM was looking at this for a major redevelopment project along with the current site of The 88, then Barry Swenson Builder proposed a 16-story mixed-use project back in 2006. The timing never seemed to be right.
Now that the Downtown market is getting serious traction, LaSalle Investment Management is talking to the city about different possibilities for this site. The most exciting scenario is a 24-story residential tower with hundreds of residential units and 25,000 SQFT of retail space (hell yes!). This is a killer infill location at the center of Downtown with immediate access to Light Rail and every amenity you could think of within a three block radius. I really hope this site gets maximum density. Hit the source link for all the details.