San José Development News

[JoshuaSantos]

Originally Posted by SJSharks DowntownGuy

Jobs had planned to build Apple campus in Coyote Valley 30 years ago... think how things in San Jose would have changed!!
http://www.mercurynews.com/bay-area-...200?source=rss

Really interesting article. We really need a salesteam that does nothing but try get companies like Apple in San Jose. The payoff would be tremendous on even one one big deal.

[JoshuaSantos]

I drove by the Matrix building today, and the tower seems so skinny. It's hard to imagine more than a handful of people working on each floor. Maybe it is just an elaborate decoration?

[xThomasTroublex]

Originally Posted by JoshuaSantos

I drove by the Matrix building today, and the tower seems so skinny. It's hard to imagine more than a handful of people working on each floor. Maybe it is just an elaborate decoration?

You are probably correct about that. I didn't see an elevator shaft, just 2 stairwells. It's probably more signage than anything else. Having said that, I can see it from 880 and 87. It should look pretty cool lit up at night.

[xThomasTroublex]

Downtown San Jose developers seek to buy Fallon House parking lot

Two well-known downtown San Jose developers are negotiating to buy the city-owned parking lot next to the historic Fallon House in San Pedro Square for at least $500,000, according to a city memo released Friday.

Former San Jose Mayor Tom McEnery and Martin Menne, a son-in-law of developer Barry Swenson, indicate initially that they will use the 13,045-square-foot space as a staging area for local street fairs.

But their chief aim as partners in a venture called Urban Markets is to erect a two-story building on the space as part of a proposed San Pedro Square urban market scheduled to open this fall.

The deal and subsequent new building "is a great opportunity that will add to the critical mass of the market area as they pick up steam,'' said Nanci Klein, deputy director of the city's Office of Economic Development.

"It will complete and enhance what we have down there with the public market,'' said John McEnery, the mayor's nephew, who is also a partner in Urban Markets.

The San Jose City Council is scheduled to vote at its June 21 council meeting whether to authorize the city manager's office to move ahead with the deal.

City officials say the proposed sale will provide one-time revenue and eliminate the city's potential liability and maintenance costs for the site.

Inspired by successful urban markets such as San Francisco's Ferry Building and Seattle's Pike Place, The Market at San Pedro Square would include about 25,000 square feet of tenant space sectioned into small to mid-size stores.

Part of the urban market's prime property, bordered by Santa Clara, St. John, and San Pedro streets and Almaden Avenue, is owned by the ex-mayor and his family. In 2008, the City Council approved a controversial deal to help fund the project with $6 million in redevelopment agency loans and grants.

The project not only hopes to enhance business in the area, but also seeks to revive public interest in two nearby historic assets, the Peralta Adobe and Fallon House, John McEnery said.

"It's what sets us aside from a lot of the public markets I've been to that don't have a sense of history,'' he said.

The Fallon House parking lot is used by parents and school buses transporting children to the museums, said Alida Bray, president and CEO of History San Jose, the nonprofit that runs the tours.

She said the developers are working to ensure that the property continues to support the group's educational and operational requirements on the site.

According to the six-page city memo, Urban Markets will have a five-year option period to purchase the property at 150 Terraine St. and the ability to add a two-story building.

The terms of the deal include $15,000 in annual payments for the first three years of the option period, increasing to $20,000 annually for the final two years of the option period.

If Urban Markets buys the property within the first three years, the price will be $521,800, or $40 per square foot. If it waits until the final two years of the option period, the price hikes to $652,250, or $50 per square foot.

The option payments cannot be applied to the purchase price unless Urban Markets buys the property in the first two years, the memo says.

And if Urban Markets decides to construct a building larger than two stories, it will have to pay the city any increased value attributed to the land. The same condition applies if Urban Markets seeks to sell the property to someone else who wants to build more than a two-story building.

The memo says that Urban Markets has five years to make the purchase, then another five years to start construction; if it doesn't, the city can repurchase the site for the price paid without interest.

The site was appraised for the city by three companies to be $40 to $50 a square foot, something Mark Ritchie, head of Ritchie Commercial, who closely tracks downtown's commercial real estate, said was reasonable.

[SJSharks DowntownGuy]

Originally Posted by xThomasTroublex

You are probably correct about that. I didn't see an elevator shaft, just 2 stairwells. It's probably more signage than anything else. Having said that, I can see it from 880 and 87. It should look pretty cool lit up at night.

It actually has two elevator shafts on the southeastern side. Also it isn't as skinny as it may seem as they have expanded the tower to four sections, 2x2. I counted yesterday and I think it's at 7 stories. Its fun to watch anyways.

[SanJosian]

Originally Posted by JoshuaSantos

I drove by the Matrix building today, and the tower seems so skinny. It's hard to imagine more than a handful of people working on each floor. Maybe it is just an elaborate decoration?

I agree. I hope when it is finished it does not appear that skinny.

[xThomasTroublex]

Originally Posted by SJSharks DowntownGuy

It actually has two elevator shafts on the southeastern side. Also it isn't as skinny as it may seem as they have expanded the tower to four sections, 2x2. I counted yesterday and I think it's at 7 stories. Its fun to watch anyways.

Yeah, I haven't seen the construction site in a week or two. I'm glad to hear your report. Incredible how fast this project is proceeding.

There's a mid-rise housing project also along bayshore/101 as well - anyone know when this will be done? Looks like they are just about to begin exterior work.

[SJSharks DowntownGuy]

Originally Posted by xThomasTroublex

Yeah, I haven't seen the construction site in a week or two. I'm glad to hear your report. Incredible how fast this project is proceeding.

There's a mid-rise housing project also along bayshore/101 as well - anyone know when this will be done? Looks like they are just about to begin exterior work.

Its the First Community Housing project. Nine stories and I don't know the expected finishing date. I wrote a post about both these last week...
http://thinkbiggersanjose.blog.com/2...n-in-san-jose/

[JoshuaSantos]

Tomorrow is another SJ Eats if anyone wants to see how the San Pedro Square Market is coming along! https://www.facebook.com/event.php?eid=177515188972394

[JoshuaSantos]

SJ Eats is also now a WEEKLY event, every Sat from 5-9:30pm in the parking lot across the street from the future San Pedro Square Market. There is also seating available at the Fallon house next door.

In August when all of the construction is done they'll move the seating back to the middle of the San Pedro Square Market (like SJ Eats 2.0).

Originally Posted by JoshuaSantos

Tomorrow is another SJ Eats if anyone wants to see how the San Pedro Square Market is coming along! https://www.facebook.com/event.php?eid=177515188972394

[SJSharks DowntownGuy]

There is a new sign on the Casino Matrix property stating opening is set for Spring 2012, so they must have given up on the original New Year's Eve completion date. That's disappointing!

[SJSharks DowntownGuy]

So I can't post an attachment. I've gone through the FAQ's and went step by step and there is no where on the post reply page where it allows me to attach an image any suggestions? I've been at it for a half hr. already!

[ElDudarinodotcom]

There are many ways to attach an image, but here is one of the easiest.

1. Go to http://imageshack.us/
2. Browse for the image and upload
3. Copy and paste the "forum code" directly into the message (make sure to site where the image came from if it is not yours)
4. That's it. You can preview the post to make sure it worked

[SJSharks DowntownGuy]

I decided just to put it up on my blog...
http://thinkbiggersanjose.blog.com/2...casino-matrix/

[JoshuaSantos]

It's crazy how fast the 2 buildings on First St. are going up. Last time I drove by Matrix I also realized how close Bay 101 is. It's pretty much right around the corner.

[ElDudarinodotcom]

Originally Posted by JoshuaSantos

It's crazy how fast the 2 buildings on First St. are going up. Last time I drove by Matrix I also realized how close Bay 101 is. It's pretty much right around the corner.

The new San Jose Strip

[JoshuaSantos]

Originally Posted by ElDudarinodotcom

The new San Jose Strip

Yeah, MicroVegas =)

[SJSharks DowntownGuy]

Actually neither property under construction are on First. Casino Matrix is on Old Bayshore and Airport Parkway and the First Community Housing project is on N.4th.

BTW Casino Matrix is top out at 8 stories with the ninth being the roof!

[JoshuaSantos]

Both are close enough =) I consider all of that the 1st St. Corridor.

Originally Posted by SJSharks DowntownGuy

Actually neither property under construction are on First. Casino Matrix is on Old Bayshore and Airport Parkway and the First Community Housing project is on N.4th.

BTW Casino Matrix is top out at 8 stories with the ninth being the roof!

[arturo]

I have it from a credible source that the soil beneath the proposed Whole Foods on The Alameda is contaminated and that's causing the construction delay.

Can anyone recall what was there before?