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Camera 12 site bids were due on March 30th according to the article at the link below. Anyone know what bids were received?

http://www.bizjournals.com/sanjose/...a-12-site-downtown-is-now-on-the-auction.html
Hi everyone! I've been a long-time follower of skyscrapercity for about the past 8 years now & finally decided to register as a fellow contributor now that I have more time as a semi-retired resident here in downtown San Jose.

Regarding the auction of the former Camera 12 Cinema, the site has been sold to a local developer--Imwalle Properties of Campbell, CA. You can see a list of properties that this local developer has done here: http://imwalledev.com/projects

Apparently, Imwalle was the only bidder on Camera 12 Cinema site which was kind of surprising since it is so well located in the heart of DTSJ.

You can see the S.A.R.A. memorandum here: http://sanjose.granicus.com/MetaViewer.php?meta_id=628002

Although there was speculation about San Jose State University buying the site for a high rise residential tower, it never materialized.

It will be interesting to see what Imwalle Properties has in mind for this site that they purchased for a cool $726,000.
 

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Or am I correct in my understanding that this is for the land, and someone else could be working on the building altogether? So in theory SJSU could still partner with them on it?

I'm trying to make sense of why there was only one bidder...
According to the SARA Memorandum on page 1:
-----As of this writing Imwalle Properties is under contract to purchase the building from Forest City.
So, the intent seems to be that Imwalle Properties will eventually negotiate a fair price to takeover the building as well.
 

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They already have.
When I read the SARA Memorandum about Imwalle Properties being "under contract" to purchase the building from Forest City, I took it to mean that the actual sale of the building has not yet closed subject to certain contingencies that may be in the contract of sale and for Imwalle Properties to perform their due diligence before final acceptance of all the terms of the contract.

In other words: Under Contract - Pending Sale (but not a guaranteed sale based on certain specified contingencies being met)

Here is a comprehensive look at the term "Under Contract"
http://homeguides.sfgate.com/define-real-estate-term-under-contract-8403.html

Properties under contract are considered to be “off the market.” A property under contract is in pending sale status since the sale has not actually occurred yet. The buyer has a specified amount of time to perform due diligence and arrange for financing. Due diligence is the process of verifying the statements within the contract, such as zoning, appraised value and real estate taxes.
 

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It actually does make sense.

Looks like they can start demo after Tuesday. Call me a pessimist, but Sharks ain't coming back home this round :eek:hno:
Ye of little faith. I was at last nights game where the Shark Tank was rocking & a rolling literally. Can't wait for the Sharks to come back for game 6 this Saturday. The shark's were in sync last night & may finally have found their rhythm. Go Sharks!
 

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To add to the other development projects near Whole Foods that are currently underway (Vespaio at Diridon and Station Village), it looks like there might be plans for another one in the future.

There is a development proposal sign just down the block at the corner of Stockton and Julian. The posted proposal is only to change the land use, but I'm hoping this is a sign of things to come. That corner has a number of abandoned buildings and it would be great if something went in there. Does anyone know anything about it?

Edit: I may not have enough posts to add images, but I took a picture of the sign and posted it on imgur. The link is: imgur.com/a/HVvMB

And directly across the street from this site is 292 Stockton St. which was just auctioned off by SARA to Kade Development LLC for $4 million. I'm guessing that Kade Development will probably develop this site into more residential.

http://sanjose.granicus.com/MetaViewer.php?meta_id=627836

http://www.sjredevelopment.org/Brochure for 292 Stockton Avenue.pdf
 

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March 2017 revision of Downtown Strategy 2040

Some fairly significant revisions have been made to the 2040 General Plan and Downtown Strategy:

The proposed Downtown Strategy 2040 will increase the amount of new commercial office by an additional three (3) million sq. ft. (approx. 10,000 jobs) to be transferred from other areas of the City consistent with the General Plan 4-Year Review recommendations. The new total for commercial office development would be 14.2 million sq. ft. by the year 2040.

The residential capacity of Downtown would be increased by up to 4,000 additional units, from 10,360 units in the Envision San Jose 2040 General Plan up to 14,360 units.
http://www.sanjoseca.gov/DocumentCenter/View/66970

The increase of 4,000 residential units will add about another 10,000 residences to the downtown core which may provide the necessary density
for more significant retail developments which many of us that live in the downtown core would surely welcome.
 

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I wonder how Scott Knies of SJDA expects to have FAA height restrictions changed over DTSJ. In his comments on the Revised Downtown Strategy 2040 Project update, Scott Knies writes the following:

http://sjdowntown.com/wp_2016/wp-content/uploads/2017/04/DowntownStrategy2040EIR-SJDAComments-1.pdf

Analyze a Future Downtown San Jose without building height restrictions

As stated above, we must begin to analyze and envision a future Downtown San Jose that assumes changes and reform to OEI and FAA dictated height limitations. .....................
Does anyone believe that the FAA will really allow San Jose unlimited building heights? Maybe in an alternate reality, if "Dirt Patch" was in charge of the FAA, this might happen.:)
 

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Tbh I'm more imagining knock down everything except the hi life, Enoteca, and the museum, and build a european-style square surrounded by 1-3 (5 floors max) story buildings (Euro architecture too) that are mixed-use with Italian restaurant / retailers (clothing stores would be hella good at bringing money-spenders in) on bottom floor, that would have entrances both street-side and square-side. In that square have lots of places to relax, italian music playing, etc. Like a mini Italian Santana Row. It's not even that hard to make happen relatively. Just have to convince developers it's worth it to invest and they'd make their money back with the future customers.
Eventually when the Diridon Station Area Plan (DSAP) is fully implemented, I believe that the "Little Italy" area will thrive. The area directly West & North of "Little Italy" is part of a planned "Transit Employment Center" that is expected to employ tens of thousands of workers within a short walking distance to "Little Italy".

A map on page 47-48 of the PDF file shows the intensive development that will be built around the "Little Italy" neighborhood in the future.

https://www.sanjoseca.gov/DocumentCenter/View/25153
 

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Preferred Apartment Communities, Inc. Announces Investment in a Multifamily Development Site in San Jose

According to the following article, Western National Group plans to acquire and develop a 6.5 acre site located in San Jose that is currently zoned to provide for up to 551 multifamily units and approximately 37,000 square feet of commercial space.

I did a search but couldn't find the location for this future development. Maybe someone else can find out exactly where this site is located. I don't understand why the article didn't reveal the address since this will be a relatively large scale development.

http://news.theregistrysf.com/prefe...stment-multifamily-development-site-san-jose/
 

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It's part of the Flea Market properties, near Berryessa BART:

http://www.sanjoseca.gov/DocumentCenter/View/55599
Good detective work! Apparently the parcel sold is just a small part of the overall development plan for the Berryessa Flea Market.

Now that we know it is in reference to the Bumb family flea market property, I did some searching and found an article that reveals a much larger development plan by the Bumb family on their flea market property.

http://www.bizjournals.com/sanjose/news/2016/07/28/berryessa-station-ate-2017.html

The article basically says that the Bumb family is working with land consultant Erik Schoennauer to rezone the south parcel of their flea market in order to build up to 2 million square feet of office & retail space. The plan would be for five office buildings between 10 to 12 stories directly across from the Berryessa Bart Station. The site would also include about 1,800 housing units. This is what Transit Oriented Development should look like all over San Jose. Lots of high density housing & offices thereby creating a small environmental footprint.

I guess the Bumb family may be using their cash flow from their very lucrative Bay 101 Casino to help finance this potentially huge development which could create up to 12,000 office jobs in East San Jose. It seems though that this plan will be contingent upon the Bumb family being able to relocate their flea market to another site in San Jose.
 

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2015 Fairgrounds Development proposal. I have no idea what has happened with this since.


https://www.sccgov.org/sites/faf/cp...irst Community Home Proposal June 16 2008.pdf
What a great looking plan! It looks like this development which will involve 5 independent entities will be very lucrative for the County which probably means it will be given the green light.

After doing more searching on this proposal, I also found this document published by S.C. County:

https://www.sccgov.org/sites/faf/cp...rket at the Faire Response to RFQ reduced.pdf

I found a conceptual drawing of Bumb's five high rise office development proposal for the South section of the Flea Market which would be directly adjacent to the Berryessa BART Station.



Market Park San Jose is a sweeping, transit-oriented development envisioned on the San Jose Flea Market property adjacent to the soon-to-open Berryessa BART station. When fully developed, Market Park San Jose will include up to 2,800 residential units, five 10- to 12-story office buildings with as much as two million sq.ft. of space, extensive shopping, and a selection of restaurants - as well as playgrounds and open space to offer urban families a complete lifestyle with a direct connection to BART and VTA bus service.
Aerial Site Plan showing direct connection to Berryessa BART Station Concourse: http://www.marketparksanjose.com/home/







View of North Section showing Shopping Center & Apartment & Townhome Development plans.
 

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Crane Watch has a lot of mistakes and is missing a lot of stuff. ThinkBiggerSJ's is much better even with its issues (For example, I think he should include midtown & Japantown in the map. Also needs a changelog that says what changed with each update.).

Regarding Railyard Place, yeah that's probably dead and gone. Hopefully someone will come in with a more ambitious plan.
According to these documents from the S.J. Permits Dept., Insight Realty did withdraw from the Rail Yard Place Project on May 9, 2016.

http://csjimg2.sanjoseca.gov/viewer/default.aspx?DocID=15818821

But, on page 3 of the file, the Insight Realty Rep. says the following:

Per previous discussions with members of the Planning department we agree to withdraw our application at this time but to continue the path of full department review of our Site Development Permit and related environmental reviews in compliance with the cities EIR update. We have received the 30 day letter outlining the potential inclusion of the site in the Downtown Core with potential zoning that would support the potential project. As you are aware we have received positive encouragement from not only Planning but also the community at large. We trust that the support of the project will continue with the city's downtown update.
The gist of this document indicates that Insight Realty has not at all abandoned this project but is trying to get the City Planning Dept. to allow for their development to include a residential component and not just the office component. Currently, the Rail Yard Site is zoned for commercial office/industrial development only and not for residential. This is the main point of contention between Insight Realty & the Planning Dept.

The Planning Dept. points out in their correspondence to Insight Realty that the City of San Jose suffers from an acute problem of jobs to employed residences as the reason they have this current policy of holding firm in not turning commercial/industrial zoned property into residential development. At the same time, Insight Realty seems to be hoping the city will accommodate their mixed use proposal in the future by continuing to lobby City Hall since the Planning Dept. says in their letter that City Hall will have to make the final decision on whether or not to allow for a variance in the zoning of the Rail Yard property. At least that's my take on this. Therefore, this will be an ongoing political battle between Insight Realty & City Hall. I see the likelihood that Insight Realty may have to make an alteration of their development plans in order to get approval on their project.

On page 6 of the documentation, Insight Realty wants to change the Zoning of their property that is currently designated as "Combined Industrial Commercial Land" to "Downtown Land" designation which would allow Insight Realty much greater flexibility in terms of including both residential and commercial/industrial development on their subject property. But, the Planning dept. states that if they allow Insight Realty the "Downtown Land" designation then their is no guarantee that Insight Realty would develop any of their land for employment purposes. This is where the Planning Dept./City Hall & Insight Realty are at loggerheads.
 

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a local hire provision is a good thing, the union labor provision is not. there are plenty of qualified non-union contractors in the area that are cut out because of the union only labor provisions in these agreements. not to mention, the cost of the project is going to increase at least 25% due to the higher union wages.

has anyone ever read one of these labor agreements?
I would also be concerned about an agreement to use only union labor especially on a high rise office building in DTSJ since the rents for a full-service lease in DTSJ is the lowest in the entire Bay Area for a major market trying to attract high tech companies. The added labor costs would be a killer on such a high rise building with the currently low full-service lease rates in DTSJ. I wonder if the Trammel Crow Diridon Station project will be using Union labor to build their office towers.

Because the Museum Place building is mixed use with mostly residential & a hotel with a relatively smaller office component, it might not hurt as much in terms of penciling out for the developer.

With respect to the proposed high rise condominium towers, I don't believe the use of Union Labor will be as big of a problem since the costs for condos in DTSJ are more in line with most of the Bay Area.

From a recent SPUR Meeting in DTSJ:
http://www.spur.org/sites/default/files/events_pdfs/2017.04.19 - What's Going Up Downtown.pdf


Downtown San Jose suffers from a high vacancy factor even though the city has the lowest Full-Service Lease rates in the market place for a major high tech center. I recently read that FS Lease Rates must be around $4.50/Sq.Ft. or so for a developer to build a new high rise building in a City Center. At $3.81, DTSJ FS Lease Rates are way too low. Even though FS Lease Rates are substantially higher in San Mateo County & North Santa Clara County, these areas have no problems finding eager & willing high tech tenants to locate in their respective towns.
 

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That's a pretty low bar, like saying that someone is one of the tallest midgets in town. :)
If the poster was referring to the original design for Museum Place then Yes--but for the latest rendering -- not so much. The revised version of Museum Place was value engineered to get the most "bang for the buck", whereas the original version of Museum Place was to created to "WOW" the City Council in order to win the lottery over the other developers to redevelop this site. With the high costs of constructing high rise towers in DTSJ, I really can't blame Insight Realty in trying to maximize their income potential on this project.
 

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Museum Tower is another tower project that just died as the city imposed labor agreement to the project.
If in fact Union labor is imposed on the Museum Place Project, then Insight Realty can go back to the drawing board & eliminate most of the office component and build more residential units in order to get this project to pencil out if in fact the labor costs become prohibitive to the current iteration.
 

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The point about the average lease rate is so true, the only way San Jose can lure employers is with low rents, especially downtown, as people hate the parking crunch and there isn't street parking as overflow for it. Granted this doesn't show what the new office parks in Sunnyvale and Santa Clara fetch, the rents at least from what I've seen are higher, closer to $5/sqft/mo.

But I wouldn't disregard the price difference for condos, new construction in SF probably fetches over $1200/sqft, while in PA I wouldn't be surprised at over $1500, Axis is selling for $700-$1100/sqft depending on floor, but the number of floors above the 14th floor is limited. Places like SF and Oakland have a lot of room to go up, so they sell a lot of expensive units. Here the lower the floor the lower the price. Presumably when you go up to 40 floors you sell those 18-20 floors all for prices higher than here.

Perhaps the city needs to look at codes and labor laws and adjust to keep prices low so that development does happen. Instead of prices going up or not developing anything as we fail to compete with them.
In regards to for sale condos, if the market remains fairly strong, the developer is able to recoup their investment dollars much more quickly in comparison to investing in an office tower. Therefore, the developer can use this quicker return on investment from the for sale condos for reinvestment in another development, assuming of course, the developer is able to quickly sell most of their condo units at a profit.

On the other hand, if the for sale condo market sours, the developer can always turn the development into "for rent" apartment units and still recoup their investment, although over a much longer period of time. The apartment market here will continue to remain robust over the longer term as the South Bay is forecast to be one of leaders in population growth over the next 30 plus years by ABAG.

By the way, in the same SPUR Report there is an interesting graphics showing the critical nature that parking plays relative to jobs and new housing units: http://www.spur.org/sites/default/files/events_pdfs/2017.04.19 - What's Going Up Downtown.pdf




Is this a Hobson's Choice or not?
 

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Right across from Foundry Commons



More on that neighborhood, but I don't think this is new

Quote:
Ref: T17-022 Project Location: 117 NORTH 5TH ST Tentative Condominium Map Permit to reconfigure 1 parcel into 28 unit lots for residential uses on a .241 gross acre site

I'm not sure I understand this one. Does this mean multifamily development planned? 28 units? That lot looks awfully tiny.
It looks like the permitting for the project location at 117 N. 5th St. has been withdrawn:



 

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Smart & Final to replace Mel Cotton’s store in Midtown

http://www.mercurynews.com/2017/04/27/san-jose-smart-final-to-replace-mel-cottons-store-in-midtown/

The 29,580-square-foot store will go up on the two-acre lot at the corner of West San Carlos and Race streets, directly across the street from Safeway. Until it closed for good last year, Mel Cotton’s Sporting Goods had stood there for more than 60 years.
It's nice to see this site kept as a revenue producing development. :)

Just searched & realized that SJNewKid already previously posted this news here a year ago: http://www.skyscrapercity.com/showpost.php?p=132192464&postcount=9965
 
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