Big downtown San Jose housing towers, retail, restaurant complex pushes ahead

SAN JOSE — A big development that will bring downtown San Jose
two striking residential towers containing more than 600 dwellings,
along with spaces for a restaurant, coffee shop and retailers, is
slated to push ahead with construction this month, a realty
executive said Friday.

Miro is a housing high-rise that would dramatically reshape San
Jose’s skyline and become its tallest towers.

The project has cleared the hurdle of water that poured into the
construction site, creating a large pond of water that had to be
controlled and pumped out. That triggered a three-month delay while
the water pool was steadily diminished

But now that project developer Bayview Development Group has
vanquished the water woes, contractors are expected to begin
pouring within the next few weeks the surface concrete slab, a
necessary prelude to construction of the vertical components.

The development would include two towers that each will rise 28
stories and will also offer 18,000 square feet of commercial space,
including enough room for a sit-down restaurant, a coffee shop and
other retailers.

The project fronts on East Santa Clara Street as well as the
corners of North Fourth and North Fifth streets. It’s right
across the street from San Jose City Hall.

“We are interested in a full-service restaurant on the corner
of Fourth Street and a coffee shop on the corner of Fifth
Street,” said Ted McMahon, chief investment officer with San
Jose-based Bayview Development. “We’re also looking at one or
two other retailers.”

The project is poised to capture plenty of interest, partly due
to mega expansions by two tech behemoths.

San Jose-based Adobe, which now occupies a three-skyscraper
headquarters campus near the corner of Park Avenue and South
Almaden Boulevard, is actively planning construction of a fourth
tower next to the existing complex.

Near the Diridon train station downtown, Google has proposed
development of a transit-oriented community of office buildings,
homes, shops, restaurants and parks where 25,000 could work,
including 15,000 to 20,000 of the search giant’s employees.

“A project like Miro expands the boundaries of downtown San
Jose,” said Nick Goddard, a senior vice president with Colliers
International, a commercial realty firm.

In decades past, the primary activity in downtown San Jose was
concentrated in a relatively narrow strip between State Route 87
and Market Street.

Lately, San Pedro Square has become a hotbed of activity for
restaurants and nightlife, while the SoFA, or South First Area has
evolved into a theater, entertainment and arts district. Developers
have launched major renovations and projects along Santa Clara
Street near First, Second and Third streets aimed at creating more
activity in the area. Hotels such as the Fairmont also have helped
to intensify activity.

The Google and Adobe projects would dramatically widen the scope
of the western edges of downtown San Jose, while other efforts,
including Miro, would stretch active sections of downtown to the
east.

“Miro and the other projects allow all sorts of infill
opportunities between Highway 87 and City Hall,” Goddard
said.

One of the Miro towers will contain 326 dwelling units and the
other tower will contain 304 residences.

“We see both Google and Adobe as positives,” McMahon said.
“But we tend to look at the broader economy. For every four to
six new jobs being added in Silicon Valley, one housing unit is
being built.”

Source: FS – All – Real Estate News 1
Big downtown San Jose housing towers, retail, restaurant complex pushes ahead