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This area is the most expensive place in the United States to live.
I am reminded of this every time I walk over to Chromatic or Hapa's and pass Roselli’s. They have Ferrari's and Lambo's stacked up like cordwood. Even spilling out into the street. Apparently there is plenty of luxury being purchased in the South Bay. If you haven't seen Roselli’s, definitely go on a weekday, grab a beer at Hapa's then checkout the broken supercars spread around the neighborhood streets.

 

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I don't think Santana Row is losing its appeal, just becoming less super high-end & more mid-luxury. It's a shame that nice Gucci store will have to go. I'll take those $10,000 doors if they plan to trash them on their way out.

Valley Fair is expanding their luxury row section into the new extension. They are also getting a Bulgari store (if you want exclusive - only 3 of these in California) Jimmy Choo (2 in California). Bulgari is part of LVMH (Louis Vuitton, etc., owned by richest man in France), which owns a whole slew of the top names, so there's a reason why they want to come together. Also, Valley Fair now half owned by big French firm, so bringing their homies with them. (Bvlgari is Italian, though)

This area is the most expensive place in the United States to live. Everyone assumes we're all rich. We might as well start looking like it. Beats nothing but Wal-marts.
Wrong! more than 2 in California: Jimmy Choo
 

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Good article on the psychological impacts of urban design.

https://www.cbc.ca/radio/thesundayedition/the-sunday-edition-for-february-16-2020-1.5459411/how-urban-design-affects-mental-health-1.5462455

“ This was a community on the outskirts, where a lot of people live in boarding homes … We walked around. We couldn't find any rec centres. There weren't any libraries. We couldn't find any public spaces," Mazumder said.

"I realized that as a healthcare professional, I was actually quite limited in addressing this on a one-to-one basis, that part of the solution involved changing the built environment."
 

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Reminds me of the pic I posted months ago of a sprawling 50's ranch-style home in Japantown being replaced by two duplexes with the same number of bedrooms/baths in each. The new duplexes are less than 10 feet taller than the one story building they replace, and are taking up about as much footprint for their foundations. The driveway/paved space is about the same, too. This is 100 feet from a frequent bus stop on Taylor, and walking distance to Japantown and Civic Center employers. I don't recall any neighborhood opposition to this.

The height thing is what I think gets the opposition here. Nimby's don't want a building "looming over" them while they BBQ in their back yards. This type of development gives 4x the number of residents, while barely being noticed in the neighborhood. I'll take another pic this week as I think it's finally finished (went super slow - contractor likely to blame).
Pic today. Still not done, but looking closer. Note the two 2-story duplexes are as tall as the 1-story (boarded up) Victorian to the right:

 

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https://www.bizjournals.com/sanjose/news/2020/02/14/gucci-santana-row-westfield-valley-fair.html?iana=hpmvp_sjo_news_headline

Gucci moving from Santana row to Valley Fair? How did someone successfully make that pitch? Santana Row is losing it appeal...
I was visiting Valley Fair yesterday and in the new wing it looks like Urban Outfitters is going to move over from Santana Row as well.

Gucci at Santana Row never really made sense as it was away from the other luxury retailers in Valley Fair
 

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Ground level of Miro Towers:





Peeking from SJSU



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SJSU Science Building is topped out




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200 park avenue


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Apartments in North San Pedro


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Japan Town:




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Valley Fair extension near Macy's Women's





iChina coming summer 2020 with renderings


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The old tequila bar in Santana Row





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New Zazil restaurant has outdoor seating outside




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The Graduate





Retail space:



 

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Rick Upton
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Curtainwall going in fast at Miro. Much faster and more efficient than the Silvery Tower Fiasco.


Skyline from cityhall. Imagine what it will look like with the gas station Icon project and Hotel Clariana expansion...Cityview will dominate the skyline someday.

Funny, this is the first time I actually noticed the two towers rising in the distance as I came down 87 southbound earlier today (past SJC).
 

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Pic today. Still not done, but looking closer. Note the two 2-story duplexes are as tall as the 1-story (boarded up) Victorian to the right:

The original ranch-style house (from Google Streetview) 2014. It was on 2 Victorian lots, so it makes sense to be the two duplexes now.

 

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In this edition of The Podlight, host Bob Staedler sits down with Urban Catalyst founder Erik Hayden to learn more about Silicon Valley's landmark Opportunity Zone Fund where Erik Hayden says that Urban Catalyst is planning to break ground on all seven of their downtown projects sometime in late 2020 & early 2021 at the latest.

Erik Hayden says his Opportunity Zone Fund is fully funded as far as the necessary equity required to provide sufficient collateral for qualifying for Senior Debt to fund the (7) projects in their pipeline of projects here:



Due to the legal requirement of having to spend all of their money they receive from their investors within 31 months of receiving it, & the requirement of having to substantially improve the properties they acquire within 30 months from the acquisition date, Erik Hayden spells out his very aggressive timeline to get started on all seven of the above projects later this year & the early part of 2021.

In the worst case scenario of a recession, Erik Hayden says they may end up having to delay these seven projects for a couple of years unless they are able to raise more equity funding from their investors due to the tighter borrowing requirements from their Senior Debt lenders during a recessionary period.

Barring a recession later this year or early next year, these seven projects including the two high rise projects at 147 E. Santa Clara St. & 475 S. 4th Street will be breaking ground thanks to the tight timeline requirements of the Opportunity Zone rules in spending investor equity funds.

Erik Hayden makes a point that once all of these projects are fully built, their goal is to then sell all of these projects within ten years & returning all of the equity from these investments to their equity participants. Hence the aggressive timeline to get these projects built out ASAP.

This means we can look forward to seeing the Icon building being built alongside the Miro Towers across the street on S. 4th Street. within the next year. These two high rise towers across the street from the City Hall Rotunda & City Hall will become one of our downtown cores nicest looking gateways into DTSJ.



With all of these projects breaking ground by early next year along with the existing projects being developed, we should see a record number of cranes in the downtown skyline then ever before.

https://soundcloud.com/the-podlight/urban-catalysts-erik-hayden-talks-opportunity-zones
 

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Sobrato Organization moving forward with DEIR on their Block 8 proposal - Market Street Tower. This is a positive step forward for the Sobrato Organization indicating that they are serious in developing this project.

https://www.sanjoseca.gov/your-government/departments-offices/planning-building-code-enforcement/planning-division/environmental-planning/environmental-review/active-eirs/block-8-office-project

The project proposes to demolish and remove the existing surface parking lot and construct an approximately 20-story (up to 295 foot tall) office mixed-use building. The building would include approximately 16,500 square feet of commercial uses and 628,000 square feet of office uses. A conceptual project site plan is shown on Figures 3 and 4.

The design of the upper floors of the proposed building may extend over the existing site property line(s) and the project requires an easement from the City for upper floors to encroach into the City’s right-of-way
 

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Raytheon signs large lease for new North San Jose facility

North San Jose continues to attract big name tenants:

https://www.bizjournals.com/sanjose/news/2020/02/19/raytheon-north-san-jose-lease-rtn.html

Major U.S. defense contractor Raytheon Co. has signed a lease for nearly 144,000 square feet in North San Jose, a company spokesperson confirmed with the Business Journal on Wednesday.

The Massachusetts-based company leased a two-story Class A building at 100 Headquarters Drive totaling about 45,831 square feet and an adjacent three-story Class A building at 200 Holger Way totaling about 97,977 square feet, the spokesperson confirmed.

Raytheon plans to move into its new San Jose facility during the first quarter of 2022, he added.
 
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