Downtown San Jose is growing by leaps and bounds when it comes to residential development and retail, but has not been getting a lot of love from commercial developers. That is going to change with a very exciting project on Santa Clara street near Diridon station and the SAP Center.
Trammel Crow is a developer that acquired an 8.5 acre plot of land from Adobe for $58.5 million. Adobe was planning to build an expansion of their headquarters in this area, but instead reconfigured their existing three towers to support a larger number of employees (no more private offices for every employee). I think it was actually for the better. While I'm a huge fan of Adobe and believe they play a vital role Downtown, if they were to build out their expansion it would likely not have been very inclusive to the whole community. Trammel Crow on the other hand is planning the exact opposite.
I'm going to start with the quote from the developer that Nathan ended his SVBJ article with:
"We’ve committed ourselves to making it iconic," he said. "We think it will be a landmark in the South Bay."
Iconic sounds right. Trammel Crow want to build 800,000 SQFT of office space across two buildings 10-12 stories tall. This would be a 10% expansion of all the office space currently in Downtown San Jose today and the first major office project to break ground since 2010. 400,000 SQFT of the project would be built speculatively without requiring a signed tenant. This would also be Class A++ premium office space with huge 40,000 SQFT floor plates and soaring ceilings popular with tech companies.
There would be 325 apartment units in a separate nine-story building. The whole site would be sprinkled with shops and restaurants and even feature a large public plaza along West Santa Clara Street. The beautiful and historic San Jose Water Company building would be renovated and repurposed. 2,400 parking spaces would be built to support the whole project, mostly underground... but hopefully most people won't be driving here.
A big attraction to this spot for the developer is the access to transit at Diridon Station. They are even tentatively calling the project #Diridon. With Caltrain, Light Rail, Capital Corridor, ACE, and a VTA bus hub, this is already one of the most important transit hubs in California. In the future Diridon will also be getting multiple Bus Rapid Transit lines, BART, and California High-Speed Rail. Even the $2 billion Transbay Terminal will not be as well connected as Diridon.
Trammel is expecting to get their building permits in Q1 2016, start construction in the summer, and have the first office building ready for occupancy by the end of 2017. The apartments are slated for 2018. They are also promising a signature look that will make the project a South Bay landmark. I cant's wait to see the first drawings for this!
Source: SVBJ, Hat tip to Josh Russell for sending this in!