A pair of real estate developers has put forward a proposal for a 446-unit residential community right next to the Tasman light rail station in San Jose. SummerHill Homes and Cypress Equity Investments would replace a vacant office building and surface parking on a 5.9-acre site at 3550 N. First Street with 373 affordable apartments and 73 market-rate townhouse-style condominiums. The location sits between Tasman Drive and Baypoint Parkway, directly across from the station, offering future residents easy access to VTA light rail service.
The apartment portion would provide 100 percent affordable housing aimed at a range of income levels, with an average target of 60 percent of area median income. Based on 2026 Santa Clara County limits, that would translate to an average qualifying income around $123,300 for a four-person household or $86,310 for a single person. The townhomes would sell at market rates, creating a mixed-income community on the site.
The project represents another example of developers converting underused office properties into housing amid a soft commercial market. LBA Realty owns the land, having acquired it in early 2025 for well below its previous assessed value. By placing new homes steps from light rail, the plan takes advantage of existing transit infrastructure to support lower car dependence and more connected living.
This kind of transit-adjacent development adds meaningful housing options in North San Jose while repurposing empty office space. People who work in the area or want convenient commutes without daily driving will have new choices that fit different budgets and lifestyles. The proposal reflects ongoing efforts to grow San Jose's residential capacity in locations that already have strong public transportation links.
Source: The Mercury News
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