Showing posts with label san jose apartments. Show all posts
Showing posts with label san jose apartments. Show all posts

Tuesday, January 30, 2024

Building code update would make it much easier for anyone to own an EV in San Jose

San Jose is essentially ground zero for electric cars. Nearly 30% of new car sales are electrified and it has one of the highest concentrations of EVs in the world. Next week the San Jose City Council is going to vote on whether to make EVs even more accessible to everyone. The proposal is to have each multi-family residence with parking to have at least once space that is EV-ready.

Charging an EV where you live is a lot more convenient than going to to a charging station. It's extremely easy to charge where you live for San Jose homeowners with a detached home or even a townhome, but things get complicated when you live in an apartment complex.

It's also worth mentioning that this would not be retroactive. The vote would be to update the building code for all future multi-family developments. 

Opponents could argue that we desperately need housing and this would be another cost to discourage builders, but given how the car market is going I think most people will expect this in any new apartment they rent in the next 5-10 years. Also, a fair compromise would be to require a 120v outlet instead of the more expensive, but much faster 220v. A standard 120v outlet is cheap and powerful enough to add 50-60 miles per night on an EV, which is enough for 99% of drivers. 

Monday, January 29, 2024

New housing development proposed in North San Jose

250 apartments are being eyed in North San Jose at North First Street between Charcot and East Brokaw. Currently there is a 122,500 SQFT six-story office building on the site. It's not clear if this is an office conversion or they are planning to tear down and replace the building. Given the size of the building there already, my bet is on an office-to-housing conversion.

Source: The Mercury News

Thursday, December 7, 2023

San Jose approves 913 apartments east of Downtown

San Jose has given the green light for a major housing project near Little Portugal and Roosevelt Park. The 913 apartment development will be one of the anchors of the Five Wounds Urban Village plan, centered around a future BART station and a historic 109-year-old church.

There will be a total of six buildings, and 407 of the units will be priced as below market-rate. Most of those "affordable" units will be priced for people earning up to 80% of the median income, which is $96,000 for a single person and $137,000 for a household of four.

235 of the apartment will be built on 1.5 acres at 1298 Tripp Avenue and will be called Residencias Arianna. It will replace 40 existing apartments and two single-family homes with a single six-story building.

The other five buildings will be on 3.3 acres of land at 1325 E. Julian St. Three buildings will rise to be 10 stories tall and the fourth will be six stories. This is respectable density for this neighborhood.

The project also includes 15,000 SQFT of commercial space on the ground floors and 267 parking spaces shared among all of the apartments. That's right, not everyone will get a space. However with multiple bus lines and eventually BART servicing the area, it might be one of those few neighborhoods in San Jose where you can get around without a car.

Groundbreaking is scheduled for 2024 and it will take around three years to complete.

Tuesday, November 21, 2023

518 new apartments in San Jose's Japantown are already 95% leased

Shea Properties and Ivanhoe Cambridge launched Sixth and Jackson luxury apartments in Japantown earlier this year, named after the cross streets where you can find the 518-unit complex. Even though it just opened pretty recently, the property is already 95% leased. This goes to show how strong the San Jose housing market is right now, even with floorplans starting at $2,656/mo for a studio and scaling to $5,200/mo for a three bedroom unit.

The project is split between two seven-story buildings with tons of amenities like a yoga room, rooftop lounge, dog run, co-working spaces, meeting rooms, a spin room, outdoor entertainment areas, Shea Properties also built a new public park between the buildings called Heinlenville Park, named after the person that helped transform the neighborhood in the late 19th century. The park will eventually have a $30 million arts incubator and community center, but construction on that project hasn't started yet.

It's quite an upgrade for Japantown, one of my favorite neighborhoods in San Jose. It's great that they were able to integrate so many community elements into the project and there is still quite a bit of retail on the ground floor available for lease to further enhance the area in the future.

Source: SVBJ

Thursday, November 16, 2023

San Jose luxury apartment complex on The Alameda may become affordable housing in 2024

In an interesting pivot, Catalyst Housing Group is trying to acquire Modera - The Alameda and convert the property into affordable housing. The big question is... why?

Modera is a 168-unit apartment building that is being marketed as luxury apartments. It's literally located next to a Whole Foods and is blocks away from the SAP Center, Diridon Station, and the rest of Downtown San Jose. The Alameda is also a great neighborhood in its own right. 

While I think for-sale affordable housing will be better for the neighborhood as residents will stay in the community longer than those in apartments, it raises a lot of questions as to why Modera is for sale in the first place. It it struggling to maintain a profit or do the owners just want to cash out? Have they lost optimism in the location after Google delayed their Downtown West plans? (It's very close to that as well).

If anyone has additional insights or perhaps even lives in the building, please post your thoughts in the comments or on X (Twitter).

Source: SVBJ

Tuesday, September 19, 2023

Affordable housing coming to Buena Vista neighborhood in Midtown San Jose

259 Meridian Avenue is the current site of a few 1-story commercial buildings built in 1958 that are tucked away behind W. San Carlos. This is the Buena Vista neighborhood or Midtown between Downtown San Jose, and Santana Row/Valley Fair (Uptown).

Developer Milestone Housing Group is proposing to build a 154-unit six-story project on this site. This developer specializes in affordable homes and teams with nonprofit organizations. The housing they build is typical for individuals and families that have a wide variety of specific needs, including veterans with disabilities, senior housing, and permanent housing for the unhoused.

This was just filed with the San Jose Planning Department, and there is no official ETA.

Source: The Merc

Friday, September 8, 2023

380 North 1st apartment project moves forward in North San Jose

A seven-story apartment project at 380 North 1st street is moving forward to environmental review. The proposal is an infill project that will replace a two-story commercial building at the edge of Downtown San Jose (5 minute walk to St. James Park).

The apartment building will have 118 homes, 18 of which will be designated as affordable units. There will be 74 parking spaces at the ground level using a car stacking system that will stack up to three cars on top of one another. There will also be parking for 30 bicycles and a bike cafe. An amenity deck is situated on the third floor and a clubroom with a balcony on the sixth floor.

Overall it's a significant upgrade from what was there before and is close to both Light Rail and transit lines (Buses 72 and 73 stop across the street).

Source: SF YIMBY

Monday, September 4, 2023

San Jose housing project upsized in "Uptown"

The site of the former Century 24 domed movie theater at 741 South Winchester Blvd. is destined to become an affordable housing project. The developers SyRes Properties LLC is increasing the number of units to 264 in a seven-story residential building.

The project would have 35 studios, 113 one-bedroom apartments, and 116 two-bedroom apartments. 20% of the units units would be considered affordable, which allow the complex to qualify as a housing development for very low, low, or moderate-income households. This designation allows the developer to apply for a "builder's remedy" which not only accelerates the project through city planning but enables to builder to add more units to the project.

The project would also include a community room, a 3rd floor outdoor space, a gym, and co-working spaces for residents. However, the biggest draw might be that is is just blocks away from Santana Row and other development projects around the Winchester Mystery House.

Source: The Merc

Tuesday, August 22, 2023

New permit activity for Orchard Residential in Downtown San Jose

A 30-story apartment tower called Orchard Residential is slowly moving forward. Plans were approved last November, but some revisions were requested such as cutting car parking by half. They are hoping to receive their full building permit by fall to proceed with a pretty stunning 294-foot tall project.

The building will have 502,340 SQFT dedicated to residences, 13,860 SQFT of ground-floor retail, 104 parking spaces for cars, and 176 spaces for bicycles. The renders below are not just concepts--they are actually planning to plant 312 fruit trees and additional plants across the facade which is something more projects should consider doing.

Source: SF YIMBY, Dirk_Birkin from Skyscraper City

Monday, August 7, 2023

List of major Downtown San Jose projects under development

After many years of relatively generic proposals for Downtown San Jose throughout the early 2000s and 2010s, we are starting to see some bolder proposals that better reflect the diversity and uniqueness of Silicon Valley. 

I especially love projects that combine historic buildings with newer elements above or beside the original building, like what Bayview Development is doing at 150 E. Santa Clara.

For more details on each of these projects, hit the source link below.

Source: SVBJ

33 S. Montgomery St. (1.2 million SQF office, retail, and restaurants)

150 E. Santa Clara (75,285 SQFT Office + Retail)

The Terraine (319-unit residential, 12,263 SQFT of retail)

The Mark (Housing for 1,000 students)

Woz Way (1 million SQFT office, 10,100 SQFT retail)

Friday, August 4, 2023

More homes to replace surface parking near Roosevelt Park

213 homes are being planned at the corner of North 17th Street and East St. John Street, right on the outskirts of Downtown San Jose in the Julian-St. James neighborhood. 113 of the units are affordable family-oriented apartments, 64 would be dedicated to seniors, and 36 will be for-sale townhomes offered at affordable prices.

The family apartments will have 8,300 SQFT of amenities and an open-space courtyard while the senior apartments would have 10,400 SQFT of amenity space and a courtyard of their own. The townhomes will have a paseo running through them.

The project includes an 80-year old building that served as IBM's first operations on the West Coast. The developers are looking to somehow incorporate that building into the project.

Source: The Merc

Wednesday, August 2, 2023

San Jose dethrones New York as most expensive rental market

Cheers to awards we don't want to win! In June the San Jose metro became the most expensive place to rent a home in the United States--beating out both New York and San Francisco. The median rent for a typical apartment, condo, or single family home in San Jose hit a staggering $3,411 per month. This just edged out the notoriously expensive New York Metro, which came in at $3,405.

Third place on the list was also a surprise. San Diego surpassed our neighbor up north with a median rent of $3,175/mo. San Francisco was fourth at $3,168 and Boston rounded out the top five at $3,045.

Source: TheRealDeal, Discophil from Skyscraper City

Monday, July 17, 2023

Affordable housing in Berryessa, San Jose

The VTA is planning to use an empty lot next to the Berryessa Transit Center (BART & bus terminal) to build 195 affordable apartments. Housing will only be available to those making 60% or less than the county's median income. For a family of four that would mean they would need to earn less than $100k a year. 46 of the apartments will be used to provide support for residents who have experienced homelessness.

The render looks pretty nice for affordable housing. Each resident will have access to bikes and scooters as well as get a free BART and VTA pass to encourage more use of public transit. Part of the first floor will be a child care facility, another surprising amenity for a project like this.

Measure A funds will be used to pay for the project as well three other projects specifically designated as affordable housing. VTA plans to build a total of 2,600 affordable homes over the next 20 years.

This specific project is expected to break ground in 2026 with completion slated for 2028.

Wednesday, July 12, 2023

237 new apartments proposed for San Jose's Buena Vista neighborhood

Buena Vista is a midtown neighborhood that has not gotten much development love over the years. However, that might change with a proposed midrise on 1.3-acres encompassing an abandoned car rental business with three vacant commercial buildings and eight older homes.

The project backed by Urban Villas LLC would have 237 apartments (8 affordable), 17,000 SQFT of retail space on the ground floor, and 199 parking spaces. It would be designated as an urban village and include a 30-foot-wide paseo connecting it to another project with up to 256 apartments to the east.

It still has to go through all the proper city approvals and there is no ETA at this time.

Monday, May 17, 2021

Urban Catalyst replacing Garden City Casino with a large mixed-use project

The former Garden City Casino and Harry's Hofbrau area in West San Jose is going to get a significant overhaul. Urban Catalyst would like to build a mixed-use project combining office space, residential, a senior living complex, and a hotel.

Each of these four elements would have it's own dedicated building. Along Saratoga you'll find the office building and hotel. The offices would clock in around 300,000 SQFT across nine stories. The hotel would have 175 rooms, with suitability for both for short and long-term accommodations (I think this will mean two hotel brands sharing the same back-of-house resources and staff). One really neat feature is a rooftop deck above the hotel lobby (or lobbies) with the swimming pool and amenity space.

The residential building will house 425-450 apartments across eight stories. A separate senior living and memory care facility will have 165 units.

This seems like quite a nice proposal. The only element missing is retail--it would be great to see some restaurants and stores on the ground floor of all the buildings. However, Santana Row and Valley Fair are less than a mile away so this is not as critical for this particular area.

Source: SVBJ

Monday, June 29, 2020

Urban Catalyst proposes a residential mid-rise by Diridon

Urban Catalyst does not seem to be slowing down one bit when it comes to new development proposals. Their latest endeavor is Madera @ Downtown West, a 157-unit apartment complex near where Google plans to build their San Jose megacampus of up to 8 million SQFT.

Madera will have 49 studios, 14 one-bedroom, 14 two-bedroom, 26 three-bedroom, and 54 four-bedroom apartments. I'm happy to see a large number of studios and 3-4 bedroom units as theses are rare products in the San Jose apartment and condo markets. In fact, I'm quite shocked at there being 54 four-bedroom apartments as there are typically only a couple of these in each Downtown San Jose high-rise building and they are extremely expensive penthouses. This building might actually be family-friendly.

While it is only eight-stories, it is located in a medium density area that still has a large number of single family homes. This will certainly be an upgrade for the block, especially with ground-floor retail. The project is bound by 486-498 W. San Carlos St. and 332-338 Josefa St and it will replace a few small commercial buildings and a vacant house.

Construction could start as early as July 2021 and take two years to complete.

Source: SVBJ

Wednesday, November 1, 2017

New luxury apartment project coming to Santana Row area

Greystar Real Estate Partners is going to transform an existing 216 unit apartment building into a a 636 unit luxury apartment community called The Reserve. The project is at 881 S. Winchester Boulevard, very close to Santana Row.

The apartments will mostly be one and two-bedroom loft-style units in four to five-story buildings with two levels of underground parking. Amenities include a pool, rooftop lounge, a fitness center, and 8,000 SQFT of retail.

The Reserve should be ready for leasing in 2020.

Source: SVBJ (subscription required)

Saturday, June 10, 2017

Saturday Status: Two San Jose neighborhoods made the US Top 20 in post-recession apartment growth

RentCafe has put together a list of the fastest growing apartment markets in the country post-recession. Not one, but two San Jose neighborhoods made the list. North San Jose took 3rd place with a staggering 6,814 new apartments across 11 buildings, a 74% increase. Downtown San Jose was #20 on the list with 2,663 apartments across 14 buildings.

New York City dominated the top 50, which is to be expected given they have a population of 8 million people. San Francisco neighborhoods did not start showing up until #31. To see the full list, head over to the link below.

Source: RentCafe Blog

Saturday, December 17, 2016

Saturday Stats: "Wealthy" San Jose renters grew by 32% in 2015

We ranked 7th in the nation when it comes to highest growth rate for "wealthy" renters. I put wealthy in quotes because the study is using $150,000/year of household income as the definition of wealthy. If you have a family in San Jose and your income is at that level between two working adults, you probably don't consider yourself wealthy.

In any case, San Jose now has 21,000 high-income renters (15% of the total renter population in San Jose). This number is increasing much faster than high-income homeowners. I don't think that is a good thing since it likely means fewer people can afford to purchase a home in the area. To read the full report, check out the source link below.

Source: RentCafe Blog

Saturday, December 3, 2016

San Jose rents are going back up

Just when it looked like the real estate market was simmering down, San Jose rents have jumped up again. In fact, for November rents are up percentage-wise more than anywhere else in the county for one-bedroom units. The average rental price for these is now $2,591/month, which is a 13% increase over the previous month.

The reason for the surge is not clear, but most experts believe we are indeed at the top of the market and expect some decline going forward. It might be a good time to hold off on signing a long-term rental agreement.

Source: SVBJ