Google buys downtown San Jose industrial property in transit village area in $3 million cash deal

SAN JOSE — Google has scooped up an industrial site in
downtown San Jose, widening its property holdings in the area just
ahead of a crucial City Council vote on selling the tech titan key
government-owned parcels needed for a transit-oriented development
near the Diridon train station.

The two properties, bought by Google and Trammel Crow, acting
through an affiliate called TC Agoge Associates, are just east of
the parking lots of the SAP entertainment and sports complex.

The Google group paid $3 million in cash on Nov. 29 for the
industrial parcel with entrances at 260 N. Montgomery St. and 255
N. Autumn St., Santa Clara County property records show.

On Dec. 4, San Jose’s City Council is slated to make a final
decision about whether to sell several government-owned properties
downtown that would become crucial sites for a proposed transit
village that Google would develop.

The Google village is deemed to be a game-changer for San Jose
and its downtown, according to several experts, including Teresa
Alvarado, director of the San Jose office of SPUR, a non-profit
group that seeks development and planning solutions for big cities
in the Bay Area.

“This is not only an opportunity to grow San Jose’s job
base, but also to build a city,” Alvarado wrote in a Nov. 29
letter to San Jose’s mayor and City Council regarding the
upcoming vote.

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Google’s transit-oriented community could create up to 25,000 new
jobs, including at least 15,000 to 20,000 employed directly by the
search giant, in a development of office buildings, houses, shops,
restaurants, cultural centers and open spaces near the Diridon
station.

“This development has the potential to serve as an example for
human-centered design that elevates and reinforces San Jose’s
history, economy, culture and diversity and leads us down a path
toward a more equitable model of prosperity,” Alvarado wrote in
her letter to the city.

Source: FS – All – Real Estate News 1
Google buys downtown San Jose industrial property in transit village area in million cash deal