Saturday, February 3, 2024

VTA abandons eminent domain plans that would have derailed a high-rise project

Given the likelihood of more delays and cost overruns, VTA wisely dropped plans to drop eminent domain proceedings for a prime site near the Downtown San Jose BART station. The land they were trying to forcefully acquire is between 17 and 31 East Santa Clara Street.

Proposed for this site is the Eterna Tower, a 26-story residential high-rise with 200 residences in a very central part of Downtown San Jose. Unfortunately this project is still at risk as the capital market landscape greatly changed since the tower was first proposed and delayed by the VTA's actions.

At this point, there is so much risk in the BART project that large parcels of prime land should not be held hostage for something that is at best 14 years away. There are plenty of options for subway entrances and exits throughout Santa Clara Street.

Source: The Mercury News

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