Monday, January 7, 2013

San Jose Looking for $1B in NEW Investment

Major Chuck Reed has set a goal to nab $1B worth of new projects over the next 6 months. This will help accelerate job growth as well as generate new revenues for the city. To help achieve this he is putting together a committee to evaluate and monitor economic competitiveness and is expediting planning and building permitting for high-rise residential, office, R&D, campus projects, and retail projects that are larger than 200,000 sqft.

Some good news is that there is already a billion dollars worth of development in the queue:
  • 3 million sqft of office/R&D
  • 800 high-rise residential units
  • 600,000 sqft of retail
Everything already in the pipeline will generate 10,000 jobs and $9M in annual revenue for San Jose.

In addition, to fill up vacant space in Downtown San Jose the city is planning to waive permitting fees and business licensing fees for properties where landlords are willing to discount rates to new lessees for a one year period. These incentives would apply to tech startups, retail stores, or restaurants.

Source: SVBJ


  1. It ain't happening since we're 2 months into the period. The lenders are kings! I believe only half of that will get built. The highrise housing might not even get started since nothing is moving now. The N1 on North First St. will not be built for another 5 years, if not ever.

  2. I live downtown. Work downtown. My confidence in Chuck Reed, who you never ever see downtown? Zilch.

  3. If it would benefit more people in San Jose, then I'd choose to support this project. However, Reed should have done that before a lot of people chose to live in apartment for rent legaspi village. Now, no one would care unless he steps on something that should not be touched ever.