Veterans Day Parade Today

There will be a Veterans Day parade today starting at noon from Delmas Street Downtown. The parade will travel east along Santa Clara Street and then turn onto Market Street. There will also be a memorial ceremony at 11am in Plaza de Cesar Chavez.

Source: San Jose Metblogs

School of Rock Opens in San Jose

A new music school has just opened at 5035 Almaden Expressway focusing on rock music (but not exclusive to that genre). There are classes for both kids and adults, novices and experts, and they specialize in a variety of instruments such as guitar, bass, drums, keyboard and vocals for both kids and adults. Sounds like a neat spin to make learning instruments more engaging for kids. Check out the video below for details.

Source: SVBJ, School of Rock San Jose

Saturday Stats: San Jose Nabs #1 Riches City Title

Median household income for the nation as a whole remained relatively unchanged between 2011 and 2012 and is still down in many areas compared to 2008. However, San Jose managed to take the crown away from Washington DC as the US's "richest" region based on 24/7 Wall St.'s analysis of 366 metro areas. You can see the top 5 cities below!

Source: 24/7 Wall St., Hat tip to Barclay Livker and Dan De La O for sending this in

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Top 5 Richest Cities

5. Boston-Cambridge-Quincy, Mass.-N.H.
> Median household income: $71,738
> Population: 4,640,802 (10th highest)
> Unemployment rate: 6.1% (68th lowest)
> Poverty rate: 10.7% (24th lowest)

Compared with other metropolitan areas, the percentage of households earning over $200,000 in the Boston area is among the highest in the nation, at nearly 13%. One reason for this may be residents’ high levels of educational attainment. Last year, nearly 43% of adults over 25 had a college degree, well in excess of the national rate of 29.1%. Also, relatively high percentages of the workforce are involved in high-paying industries like financial services, as well as scientific and professional work — 8.4% and 14.0%, respectively. As of 2012, the Boston area had an unemployment rate of just 6.1%, two percentage points better than the 8.1% national rate, while job growth has picked up in recent years. Further, over 95% of residents have health insurance, one of the highest rates in the nation.

4. San Francisco-Oakland-Fremont, Calif.> Median household income: $74,922
> Population: 4,455,560 (11th highest)
> Unemployment rate: 8.1% (148th highest)
> Poverty rate: 11.9% (51st lowest)

Last year, the San Francisco area had one of the highest percentages proportions of working residents employed in high-paying professional services fields, at nearly 18%. The area’s highly skilled workforce likely contributed to its exceptionally high median income, which was close to $75,000 last year. Alongside high incomes, however, the area has some of the nation’s steepest housing costs, with median gross rent at nearly $1,400 per month. According to Trulia, no housing market is less affordable than San Francisco, where the middle class could afford to buy just 14% of available homes in October. The cost of living in the city of San Francisco is so high that many would-be residents have elected to move to neighboring Oakland — in turn pushing up housing costs in some neighborhoods there as well.

3. Bridgeport-Stamford-Norwalk, Conn.
> Median household income: $79,841
> Population: 933,835 (57th highest)
> Unemployment rate: 7.8% (tied-167th highest)
> Poverty rate: 8.9% (tied-8th lowest)

As of 2012, the Bridgeport metro area had one of the highest median incomes in the nation, at close to $80,000. Additionally, nearly 22% of the area’s households made over $200,000, the highest percentage in the nation. Contributing to the Bridgeport area’s wealth, the percentage of residents working in the high-paying finance and professional services sectors were among the highest in the nation last year. But the area also had the nation’s second-highest income inequality, as measured by its Gini index score. While crime and poverty have long been problems in Bridgeport, neighboring cities such as Greenwich are home to some of the nation’s wealthiest individuals.

2. Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va.
> Median household income: $88,233
> Population: 5,804,333 (7th highest)
> Unemployment rate: 5.6% (46th lowest)
> Poverty rate: 8.4% (4th lowest)

Last year, 17% of households in the Washington, D.C., area had over $200,000 in income, higher than all but two other metro areas. Among the reasons for the area’s high income are a highly skilled workforce, with more than one in every five workers employed in high-paying professional services fields, more than anywhere else in the U.S. In May, The Wall Street Journal noted the area’s economy has expanded beyond government in recent years, and that past federal spending has contributed to the development of a skilled and well-connected professional workforce. Additionally, the Washington, D.C., area population is one of the nation’s most highly educated, with 48.2% of residents holding at least a bachelor’s degree, more than all but a handful of other metro areas.

1. San Jose-Sunnyvale-Santa Clara, Calif.> Median household income: $90,737
> Population: 1,894,388 (32nd highest)
> Unemployment rate: 8.6% (112th highest)
> Poverty rate: 10.8% (28th lowest)

Median income in the San Jose metro area, which constitutes part of Silicon Valley, jumped from $85,736 in 2011 to $90,737 last year. San Jose had among the largest concentrations of high-paying professional services and information jobs in the nation. But the area is not only the wealthiest in the nation, it has also become one of the most-desired housing markets. Just 3.6% of housing units were vacant in 2012, down from 4.9% in 2008, while median gross rent reached $1,560 last year, more than any other metro area in the U.S. Home values also were the highest in the nation, with a median of $624,200. More than 20% of homes in the area were valued at over $1 million.

Cocoabella Chocolates Opens Third Chocolate Boutique in Valley Fair

Valley Fair's collection of exclusive/premier/boutique stores continues to expand dramatically. The latest store to join the club is Cocoabella Chocolates--which only has two other locations and procures rare chocolates from around the world. They will be located right beside the new luxury wing and I have a feeling they will be doing really well in this mall. See the full press release below.

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San Jose, CA—Cocoabella Chocolates, curator of small batch, artisanal chocolates from around the world, brings their founder’s hand-selected pieces closer to its South Bay clientele by opening the brand’s third chocolate boutique in the Luxury Wing on Level 1 at Westfield Valley Fair, located in the heart of Silicon Valley.

 

Their award-winning chocolatiers’ works have been served at the Belgian Royal Palace, Gordon Ramsay’s flagship restaurant in London, the 2006 Winter Olympics in Italy, at The Ritz-Carlton, and Four Seasons hotel dining rooms around the world.  Cocoabella Chocolates is also the only retailer in the country authorized to carry Thomas Haas truffles and Pierre Marcolini bars since 2012.

Years of careful curation and commitment to quality have earned Cocoabella Chocolates the privilege to receive extremely limited quantity batches fresh from the artisans’ kitchens. Each chocolate is flown to San Francisco within hours of its creation.  “Not only that, when a client orders from us for delivery through warm weather, we protect their gift with cooling packs and insulation to ensure they arrive at peak quality. I want to share the experience of tasting that perfect piece of chocolate while traveling the great chocolate regions of Europe.” says Cocoabella Chocolates CEO Michael Freeman.

 

Cocoabella Chocolates’ Westfield Valley Fair boutique, located adjacent to the shopping center’s Luxury Wing entrance, is now open.

About CocoaBella Chocolates

CocoaBella Chocolates is the leading retailer of small batch, artisanal chocolates from around the world. Founded by Michael Freeman in 2004, he has traveled the world to assemble the finest chocolates and CocoaBella Chocolates now offer more than 180 different chocolates from 18 chocolatiers and 5 countries at two San Francisco retail locations and online at www.cocoabella.com. 

The Preservation Action Council of San Jose (PAC*SJ) Free Movie Night

The PAC*SJ is hosting a great event for anyone that is interested in San Jose's history. They will be screening several films showcasing San Jose in the 50's, along with an era-appropriate pot luck (think Vahl's Restaurant in Alviso) and costume contest. All of the details are below:

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The Preservation Action Council of San Jose (PAC*SJ) will be hosting their traditional Movie Night on November 14, 2013 to celebrate San Jose and the Santa Clara Valley.

The event will be held at:

San Jose Woman’s Club
75 South 11th Street, San Jose

The doors will open at 6:15. This event begins with a potluck of 1950’s dishes contributed by the guests, who are encouraged to wear vintage outfits from the 1930’s - 1950's.

The movies will include promotional films about Dole canning and downtown San Jose in the 1950’s, old commercials, views of the spring blossoms and Moffett Field, and very early movies from the Edison Studio of the Hotel Vendome and Lick Observatory.

In addition to the great food and entertainment, there will be a silent auction and a Holiday Boutique table with period items.

There will be prizes for the best recipes and costumes.

The event is free to the public. Many streets in the area offer free parking after 6:00, but guests may choose to park in the SJSU parking garage on 10th Street for $5.00.

KT Properties Towers Alternate Concept

The Downtown San Jose market for high-rise projects has been on fire lately and we are in the privileged position of being able to demand more from future projects. We no longer have to settle for whatever we can get as seen in the redesigns for Hampton Inn and One South. With KT Properties' two tower project across the street from the San Pedro Square Market, they hit the ground running with what I think is a pretty solid initial design. However, what if it could be better?

If you look at the bottom two images, you can see an alternate concept that places the towers in an L shape instead of a "twin" configuration. I can see several benefits with the configuration. It would add a greater sense of volume and dynamics to the skyline from every direction. It would create a stronger retail pavilion adjacent to the SPSM with more potential for outdoor space since the tower would be further back instead of almost directly on top of the main retail area. It would also better highlight the historic Fallon House as a centerpiece for the area.

What do you guys think about the L-shaped concept verses the twin tower design?

Santa Clara Megaprojects

There are plans for two massive development projects around the new 49ers Stadium in Santa Clara. The first is a $1.5 billion dollar project (more than the cost of the stadium) that would include 1.5 million SQFT of retail (this is more retail than all of Valley Fair mall), 2.4 million SQFT of office, a 200 room hotel, and 500 residential units. You can see the first conceptual drawing below and the soonest it would break ground is 2016.

The second is a $400 million project led by Joe Montana that would consist of two hotels totaling 235 rooms, 150,000 SQFT of restaurant/retail space, and 430,000 SQFT of office. The first phase of this project would ideally be up and running by the Super Bowl in 2016.

While these projects are not directly in San Jose, they may impact San Jose in both positive and negative ways. On the positive side, this could have a catalyzing effect on the whole region and attract more investment dollars to the South Bay, especially North San Jose. Obvious it would give San Joseans a new retail and entertainment anchor to visit. On the flip side, this could draw more tax dollars to the city of Santa Clara and hurt business for the current Silicon Valley retail megacenter: Santana Row + Valley Fair.

What do you guys think about these projects?

Source: SVBJ

Two New Proposed Downtown Apartment Buildings!

The good news for Downtown development keeps on trickling in. Last week two new proposals came in for major residential development projects. The first is a 19-story hi-rise at Post St. and San Pedro (next to Myth and right around the corner from One South Market). This would consist of 156 units consisting of studios, 1BD, 2BD, and 3BD apartments. There would also be large amenity decks on the 4th and 17th floors, underground parking, and 4,100 SQFT of retail. The location of the proposed building can be seen in the 3rd image below.

The second project would consist of a 7-story building with 195 units (studios, 1BD, and 2BD apartments) on 1.4 acres fronting Saint James Park and First Street. This would be the first residential project of this scope to break ground in the area, and hopefully could be a catalyst to cleaning up the park. As for retail, this would include a corner Cafe.

The Downtown skyline is going to be quite a bit different 5 years from now!

Source: Joseph Meduri, SVBJ