SAN JOSE — A housing highrise, conversions of office spaces to residences, new retail, and a revamped office building could sprout in downtown San Jose, a project that would dramatically reshape a key city block.
Jay Paul Co., one of the Bay Area’s most savvy and successful real estate developers, is floating the development that would largely replace the existing City View Plaza in downtown San Jose, according to plans on file at San Jose City Hall.
CityView is the name of the new project. The development site is bounded by Park Avenue, Almaden Boulevard, West San Fernando Street and South Market Street. A Jay Paul Co. affiliate owns the property.
The proposed development is near key venues such as the headquarters campus of tech titan Adobe, the Center for the Performing Arts, The Tech Interactive, Plaza de Cesar Chavez and the 200 Park office tower.
“The intersection of Park Avenue and Almaden Boulevard in downtown San Jose is set to be the most dynamic intersection in Silicon Valley,” said Jay Paul, president of Jay Paul Co.
The proposed development site is across the street from 200 Park, an eye-catching office tower that is also owned by an affiliate of Jay Paul Co.
Newmark, a commercial real estate firm, is seeking one or more tenants to lease the 200 Park office tower, which has become an eye-catching addition to San Jose’s skyline.
“CityView’s visionary offerings will inject fresh energy, convenience and 680 new residences into the heart of the city,” Jay Paul Co. stated, in describing the new project.
The development will add a new housing highrise to the city skyline, conversions of existing offices, a new parking garage, modernization of existing office space to create a Class A office tower and new ground-floor retail spaces.
“People want to live, work and play in the safest big city in the Bay,” San Jose Mayor Matt Mahan said.
This new proposal replaces a previous plan for three office towers and millions of square feet of offices at CityView Plaza.
The meltdown of the Bay Area office market created roadblocks for such an expansive office and tech campus.
Here are some details of the primary components of the new plans for CityView Plaza:
— The Shops at CityView. The 35,000-square-foot retail development along Park Avenue would create eight new merchant spaces that would add stores and restaurants.
— The Village at CityView will convert into housing some of the existing office spaces in the plaza. This redevelopment will create 320 residences.
— The Offices at CityView will create a modern workspace through the revamp of the 150 Almaden building, a 15-story office tower with 204,000 square feet of space.
— The Tower at CityView would produce a 27-story housing highrise containing 360 luxury residences ranging in size from studios to three-bedroom penthouses.
“The Tower, Village, Offices, and Shops at CityView create a transformative destination for San Jose that seamlessly integrates retail, dining, entertainment, work and residential living,” Jay Paul stated.
The new housing tower would be located at 121 South Market Street and would be part of the second phase of the CityView project.
“Residents will enjoy rooftop lounges and outdoor terraces designed by Surfacedesign with breathtaking city views, along with on-site, subterranean parking,” Jay Paul Co. stated referring to the new housing highrise.
The mixed-use CityView project replaces a prior ambitious proposal for multiple office towers that would have served a tech industry that at the time hungered for office spaces.
Tech companies, however, have curbed their enthusiasm for offices in the wake of the coronavirus outbreak and the resulting business lockdowns ordered by the government.
“The Tower, Village, Offices, and Shops at CityView create a transformative destination for San Jose that seamlessly integrates retail, dining, entertainment, work and residential living,” Jay Paul Co. stated.
Jay Paul executives believe the development would be poised to create a vibrant new neighborhood on what some experts deem to be a prime block of downtown San Jose.
“By introducing much-needed amenities, restaurants and retail to the center of San Jose, CityView is poised to be the premier downtown destination for the city, attracting residents, workers and visitors to the heart of Silicon Valley,” Jay Paul Co. stated.
San Jose has also launched a major push for artificial intelligence and tech startups in downtown San Jose. The CityView development bolsters those efforts, in Mayor Mahan’s view.
“Jay Paul’s groundbreaking new project will allow us to house and employ more people in our vibrant downtown as we reimagine what the capital of Silicon Valley looks and feels like in the age of AI,” Mahan said.