The same investor that is building Silvery Towers (San Jose's largest residential project ever) is now gearing up for an even larger project. KT Urban and their partner have acquired the 1.6-acre Greyhound bus site for $39 million. The latest concept for the site calls for two towers around 24 stories tall with with 708 residential units and 13,500 SQFT of retail.
The next step is to acquire construction financing, which should be no problem despite the recent slowdown of investment markets. Construction will begin soon after they receive financial approvals from the city, which is expected later this year.
So what will happen to the Greyhound bus station in Downtown San Jose? All Greyhound operations will move to Diridon Station in late May. Customers will be able to purchase tickets at the Amtrak counter and easily connect to other bus services, VTA Light Rail, Capitol Corridor, ACE, Caltrain, and eventually BART and California High Speed Rail. Greyhound should have likely been located at Diridon to begin with, so the move will correct a transit mistake created long ago.
Source: SVBJ, SVJB #2