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Boston Properties, Kilroy Realty execs on San Jose: Not so much

They are selling the building at San Carlos and Almaden. They said that they are not seeing the downtown activity that they expected and rethinking the property that is entitled for 3 office buildings.

Personally I've always felt they were just waiting for a large tenant for the three buildings and then they would build it. I never felt like they would really trying to make something happen on their own. In that sense, it is definitely better that they sell the property and let someone else develop the property. They bought the property in 2002.

It does seem that the downtown San Jose area has mostly been treated as an area for traditional companies and jobs like banks, accounting firms, lawyers, marketing, etc. Two of the newer office buildings (Sobrato and Rivermark II) were built to be leased to a single tenant until they were finally opened up to more than a single tenant.

I've been to tech meetups in the South of Market area of San Francisco and there are a lot of small tech companies in the high rises there. I wonder if it would be more successful to develop new office buildings in downtown San Jose that cater to many small high tech companies. You could add common amenities that high tech companies might like that would differentiate the new buildings from the other buildings downtown.
 

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Boston Properties, Kilroy Realty execs on San Jose: Not so much

They are selling the building at San Carlos and Almaden. They said that they are not seeing the downtown activity that they expected and rethinking the property that is entitled for 3 office buildings.

Personally I've always felt they were just waiting for a large tenant for the three buildings and then they would build it. I never felt like they would really trying to make something happen on their own. In that sense, it is definitely better that they sell the property and let someone else develop the property. They bought the property in 2002.

It does seem that the downtown San Jose area has mostly been treated as an area for traditional companies and jobs like banks, accounting firms, lawyers, marketing, etc. Two of the newer office buildings (Sobrato and Rivermark II) were built to be leased to a single tenant until they were finally opened up to more than a single tenant.

I've been to tech meetups in the South of Market area of San Francisco and there are a lot of small tech companies in the high rises there. I wonder if it would be more successful to develop new office buildings in downtown San Jose that cater to many small high tech companies. You could add common amenities that high tech companies might like that would differentiate the new buildings from the other buildings downtown.
Agree with everything except the last paragraph. That was tried in downtown LA, which is growing rapidly in population, apartments, restaurants and nightlife, but has not worked out. Like in the Bay Area with SF and Silicon Valley, people are chosing to live there but to work in the low-rise, less dense Westside, where the tech companies are going. Tech employees seem to prefer low-rise, easy access by car and plenty of open-space, with on-premises food and amenities.

SF tends to have small companies; some really just a couple of guys with an idea. The spaces are small and if they get real funding or acquired, they are moved to where rents are cheaper. It's no surprise that the office boom is in suburban office parks.
 

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Are rentals passé? Trumark chief on why for-sale is taking off

I thought this was a very interesting interview with the co-founder of Trumark, which currently has development sites in Milpitas and San Jose.

Are rentals passé? Trumark chief on why for-sale is taking off


Nathan Donato-WeinsteinReal Estate Reporter- Silicon Valley Business Journal Email | Twitter
Trumark Homes is so bullish on the region's for-sale housing prospects, it now counts a backlog of roughly 2,000 developable lots in Silicon Valley and is actively looking for more.
The company, a division of Danville-based the Trumark Cos., just started construction on a 134-unit community in Milpitas called PACE. It is also working on a 94-unit townhouse project in East San Jose, dubbed Centered on Capital.
Trumark is no stranger to the Bay Area housing market, with more than 20 years of active development experience here. But it's poised for increased activity as the rental trend of the last few years makes room for more for-sale development. In a sign of how far the market has come, it's even now exploring entering markets in the Sacramento area and Arizona — once major "bust" areas.
"We feel as though apartments are in the seventh or eighth inning," Michael Maples, co-founder and managing member of Trumark Cos. "Good sites will still do really well, but we feel in Silicon Valley and Downtown San Francisco, there's a swing back to for-sale."
I caught up with Maples by phone recently. In the following interview, which has been edited for length and clarity, Maples talks about current projects, market trends, density and how to get projects approved.
Your Milpitas project includes a rarity in the Bay Area: Single-family detached homes, in addition to attached townhouse. How did you get approval for that?
It's very difficult to find a development where you can do single family detached in the Bay Area. By doing higher-density townhouses, we were able to meet the city's density requirement and do some single family detached. I think we brought a solution that was a good balance for the property.
How does the density requirements affect the kind of homes you're building?
We're pushing more people into three-story product. Because the footprint is smaller, most of the living space happens on the second floor. We've come up with innovative product to make it feel larger: For example, on living spaces, we're doing larger decks that are 12-feet deep and 20-feet wide. And we'll have a sliding glass bifold door that opens to a 12-foot opening. You've just extended your living room to an outdoor area.
What's driving the interest in sale product?
The Millennials are bigger than the baby boom population. They're at the point where they want to start buying homes. During the recession, people bundled up -- they lived with people they didn't want to live with, and got apartments. Now in some places, it's cheaper to own than you can rent. And with the pricing going up, it's allowing certain people already in the market to get above water on their mortgages, allowing them to buy something new.
What's going on with pricing?
In last six months, everyone's been shocked at how much appreciation has come back to the market. We think in the next 24 months there will be significant price appreciation and then normalize to 2-4 percent a year. We could easily see 10-plus percent this year and next.
We don't want to get way ahead and create a bubble. We're doing a catch up. As long as we don't let it get out of control and over-swing the market, there will be a catch-up, then a pause.
What concerns you?
We're always worried about global events, but in Silicon Valley and San Francisco the tech market has been strong. If you add a national recovery, the pressure on the Bay Area will be very significant.
Do you ever worry about oversupply?
It would be almost impossible to oversupply the Bay Area. We could overprice the product in the Bay Area and create a problem.
The Bay Area isn't an easy entitlement environment. What is your approach?
We look at it from four perspectives: First, what does the neighborhood want? What does the city want? What does the marketplace want? And fourth, what can you get financed? All need to come together to make it work.
(With city and neighborhood concerns), we try to listen well and make realistic changes to make something better. If you don't listen and aren't authentic, people see through that pretty quick. Sometimes we get into the middle and feel we won't be able to get there. And we don't move it forward. Sometimes you listen and realize this isn't the best thing here. You have to listen and bring new ideas and work together.
Link to article:

http://www.bizjournals.com/sanjose/n....html?page=all
 

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Tech Workers Ignite Silicon Valley Building Boom
Santa Clara County leads the Silicon Valley building boom with 8,000 units under construction and an additional 3,100 in the near-term pipeline, said Garrick Brown, director of research for real estate services firm Cassidy Turley of Northern California.

"This is the largest amount of construction we've seen there in 20 years of tracking," Brown said. Assuming three-quarters of the new units are apartments -- with the rest being condos -- the new construction represents a 5 percent growth in a market with about 116,000 existing units, he said. "Ordinarily 2 percent would be considered strong growth," Brown said. "Anything over that is quite rare."
 

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New building at Mission College

I had a chance to visit Mission College in Santa Clara recently so I took some pictures of the new building currently under construction. It is nearing completion and the plan is for it to be occupied starting in the 2014 spring semester.

Once the move is complete the temporary trailers being used as portable classrooms will be removed. Eventually, the plan is to build a second new building at the site where the trailers are now. Once this second building is complete then the current "Main Building" in the middle of the campus can be torn down. That area will then be used as open space to create a more traditional "quad" for the campus.

The Main Building has not aged well at all. It might have looked cool back in the 70's but it is horribly outdated and functionally obsolete. If you have ever attended a class there you know how bad it is.

Anywhere, here are some shots of the new building (click thumbnails for bigger pictures):









Link to live construction cam:
http://webcampub.multivista.com/index.cfm?fuseaction=webcampub.page&wcpp=15e4484e-da66-405c-8eb1-51bc7b4c32ee
 

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^^

Milipitas housing boom! Newest project nets city 600 units

Integral Communities is so bullish on the booming Milpitas housing market, it's moving forward with a large new mixed-use project two years after biting off a 23-acre site next door.

The new 600-unit development, which is also slated to include about 60,000 square feet of retail space, is just the latest example of mushrooming interest in converting older industrial properties in the area centered around the city's planned Bay Area Rapid Transit station near the Great Mall. Two weeks ago, I wrote about Citation Homes grabbing a 5.6-acre site where it is planning 381 units.

"With BART coming down and (Valley Transportation Authority) already there, it made sense for that area to become higher density residential and get rid of R&D, single-story tilt-up stuff that's there," said Glenn Brown, vice president of entitlements for Integral. "The elements are there as far as transportation and economics."

Integral's new project is called "Centre Point" and would be located on an L-shaped parcel along Centre Pointe Drive that is currently home to four older R&D buildings owned by an affiliate of the California State Teachers Retirement System. Integral is in contract to purchase them.

Integral's plan is for 604 units and 56,000 square feet of retail space. The biggest chunk -- about 350 units and the retail component -- would be built in a mixed-use building facing Great Mall Parkway. Those units would likely be rental. Several other three-story condo buildings would be developed going down the spine of Centre Point. The total density is about 40 units to the acre.

Integral will likely seek a buyer or partner for the project, though it is capable of building on its own, Brown said.

The Centre Point project is adjacent to Integral's "The District," a planned community of more than 1,300 units on a sprawling 23 acres that runs along McCandless Drive at Great Mall Parkway.

Homebuilder Taylor Morrison purchased the southern half of the project from Integral and is moving forward with construction on 200 units. Integral still controls the northern half of the project.

Milpitas several years go implemented a new planning district that encouraged high-density housing near the planned BART station. So far, 3,700 new housing units have been approved. The plan allows for some 7,000 units in the area. Hundreds of units are in construction and builders seem to be pulling the trigger on new ones every week or so.

http://www.bizjournals.com/sanjose/...re-housing-on-tap-for-milipitas.html?page=all
Site:

 

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Very impressive on McCandless in particular and Milpitas in general. About 50k people living in the Central Valley should be living near the Milpitas (and other) BART stations instead.
 

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Lenders Back $600MM in Projects with Pau’s Sand Hill Despite Litigation


Cupertino Main Street

Peninsula-based real estate developer Peter Pau and his Sand Hill Property Co. have gained entitlements for and expect to construct more than $600 million in Silicon Valley development including a 180-room Marriott Residence Inn and 260,000 square feet of offices in Cupertino, home of Apple Inc. and a near-zero office-vacancy rate.

The projects include the $330 million mixed-use Main Street Cupertino on an 18-acre former Hewlett-Packard Co. site that has been the object of intense developer interest and community angst for a decade; a $37 million conversion of a senior living facility to a hotel in Menlo Park; and the first, $140 million phase of The Grove, a newly approved Los Gatos office complex leased to Netflix Inc.

According to multiple sources, Pau has faced an onslaught of questions and skepticism from lenders in the last three years after a high-profile legal battle over the Sunnyvale Town Center pitted the company and developer against two of the nation’s largest banks, San Francisco-based Wells Fargo & Co. and Bank of America. The litigation remains unresolved and is paused as the parties wait for answers from a state appellate court.

Now, Pau and others said, he is gaining backing for his projects from regional and international lenders and capital partners. “In 2011 and 2012, so many lenders said, ‘I won’t do business with Peter Pau.’ Even now every time we get financing we have to explain Sunnyvale Town Center. Some lenders will do business with you and others don’t.”

The New York branch of Natixis S.A., a publicly traded French asset management company, in July agreed to lend two limited liability companies controlled by Sand Hill $25.5 million, according to property records on file with the Santa Clara County Clerk Recorder. The money, along with $12 million in equity from Sand Hill, is to convert a Menlo Park retirement community just east of El Camino Real into a 138-room Marriott Residence Inn. The property is designed for extended-stay travelers with suites, kitchens and separate sleeping and work areas.
 

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It appears the county's plans for the civic center redevelopment are moving right along:

Santa Clara County to Mull Plans to Develop 55-Acre Civic Center

The Santa Clara County Board of Supervisors will consider next week a proposal to deal exclusively with two major companies to develop the county's 55-acre civic center in midtown San Jose.
The board's Finance and Government Operations Committee has recommended the county enter into negotiations with Lowe Enterprises of Los Angeles and Gensler, architects based in San Francisco, to finalize a plan to build the Santa Clara County Civic Center Campus.
Supervisors Ken Yeager and Dave Cortese voted last Thursday to have the full board consider at its Sept. 24 meeting whether to prepare an exclusive negotiating agreement with Lowe and Gensler and begin finalizing business terms for the campus development.
Full article:
http://www.nbcbayarea.com/news/loca...o-Develop-55-Acre-Civic-Center-224014201.html
 

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The civic center redevelopment got me thinking again about the possible relocation of the Elmwood county jail in Milpitas. I dug up an old article from last year talking about this:

Santa Clara County Supervisor Dave Cortese last week proposed all or part of the 2,500-bed Elmwood Correctional Facility in Milpitas be relocated elsewhere in the county perhaps to a site near the old San Jose City Hall in downtown San Jose or to a more rural area.
On May 22, Cortese, whose district covers Milpitas, initiated a work-study plan for county officials to discuss alternatives for the future of Elmwood at 701 S. Abel St.
"As with other parts of the county, the area around Elmwood has developed and built up to a point where housing tracts and businesses are located very close. For the most part, Milpitas and Elmwood have co-existed well together," Cortese's May 22 written statement reads. "In the long term, this proximity might prove problematic. In order to prepare for that point in time the board should have a discussion through this scope of work and subsequent report."
His request related to the ongoing Santa Clara County Civic Center Master Plan Study, which includes study of the potential reuse of the former San Jose City Hall site near North First Street (recently acquired by the county from City of San Jose as part of a payment plan over redevelopment agency monies owed to the county), would also see a parallel feasibility study to relocate Elmwood jail out of Milpitas.
Full article:

http://www.mercurynews.com/milpitas...or-wants-county-mull-milpitas-jail-relocation

As far as I know this article was the last reference to the topic. If anyone has newer information please feel free to share it.

Expanding at the Civic Center makes sense since all the other services are already there, like the courthouse, county administration, sheriffs, SJPD, etc. Right now Sheriff buses run up and down 880 every day shuttling inmates between Elmwood and the Civic Center so all that activity would be eliminated.

On the other hand no one wants a jail built anywhere near them so I can understand the appeal of building it in a rural area. What does everyone think about closing Elmwood and expanding the main jail at the Civic Center? Or would it be better to build a new jail in a more rural part of the county?
 

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Here are some pictures of the new Niners stadium under construction. I took these from the new parking garage across the street that was recently finished. The pictures are a few weeks old and since construction is moving so fast it may look different if you drive by today! :lol:







Here is a shot of the empty lot next to the parking garage and across from the new stadium. I believe this is the property for the Montana-led investment group to build a hotel and restaurant?




Lastly, this is a picture of the Santa Clara Golf & Tennis club which is directly behind (or north of) the parking garage.

 

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Very nice pics. Let me add some words now that the city has signed off, Related Companies has been selected for planning and Turner for construction.

I think you've got the Lowe project (fronted by Joe Montana) in the right place although the parcel is a bit larger than shown. It will supposedly yield up two hotels, two office complexes, retail (mostly food I would guess) and plazas opening toward the stadium. All this is supposed to start building this summer and to be completed for the Super Bowl in February, 2016. (This leaves about 18 months of actual construction time so things better go smoothly.)

The golf course development is supposed to be managed by Related (who will also oversee all the projects and their relation to existing facilities). They will start with an 89 acre parcel, which is to become a "city center", sort of vaguely a new downtown for Santa Clara, replacing the one a couple of miles south that effectively disappeared in the 1960's. There will be housing (mostly along the edges at first, since the area is mostly landfill and permits will take some time), a "downtown" center with a couple of million each of retail (basic stuff, restaurants and some big box?) and commercial, plus another hotel. The time for build-out is not clear, and another 130 acres north of it will be built-out as demand requires.

Sort of a backwards vision: usually you have the city first, then the stadium. Here you have the happy coincidence of a stadium coming into an area undergoing a housing and economic boom, so that building at least the semblance of a city around it may work. I hope they do better than the similar "Target" project on N. First not far away.
 

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That stadium just doesn't do it for me. Nothing iconic about it at all, which is a shame because the Niners are an iconic franchise. I understand the technology being pumped into it, but as far as architectural design, this thing screams SEC football.
 

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That stadium just doesn't do it for me. Nothing iconic about it at all, which is a shame because the Niners are an iconic franchise. I understand the technology being pumped into it, but as far as architectural design, this thing screams SEC football.
This is so subjective that it's hard to really say much about it (or maybe you can say just about anything about it). But the thinking here was probably to avoid the terrible beatings that the grandiose stadiums (Dallas, NY) have gotten in the sophisticated press.

The usual criticisms of those stadiums are that they go back to a 1950's ethos, with an adulation of excess, sprawl, size for its own sake, the suburb as paradigm for living, the over-sized automobile as symbol of success. Some call them juvenile in the sense of trying to prove something that you doubt that you ever really will have in you.

This kind of critique makes a lot of sense for stadiums since the renown will ultimately come from the acts performed there not from the architecture; that is from performance, not appearance. Lambeau and Soldier's Field, the LA Coliseum, old Yankee Stadium, the Rose Bowl are classic, solid designs but hardly splashy or grand. Yet they are among the iconic stadiums of the US.

A similar analysis applies to airports, where architecture is very subservient to efficiency and adaptability. Nobody gives a damn what it looks like when you are waiting an hour for your bags to arrive.

Note the contrast to office buildings, apartments or single family homes. In general no one knows what's going on inside, so most of the impression is in the exterior surfaces.

I think the whole "smart stadium" idea is more marketing hype than anything else. But at least in theory it goes to efficiency, which is what matters both on and off the field.
 

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This is so subjective that it's hard to really say much about it (or maybe you can say just about anything about it). But the thinking here was probably to avoid the terrible beatings that the grandiose stadiums (Dallas, NY) have gotten in the sophisticated press.

The usual criticisms of those stadiums are that they go back to a 1950's ethos, with an adulation of excess, sprawl, size for its own sake, the suburb as paradigm for living, the over-sized automobile as symbol of success. Some call them juvenile in the sense of trying to prove something that you doubt that you ever really will have in you.

This kind of critique makes a lot of sense for stadiums since the renown will ultimately come from the acts performed there not from the architecture; that is from performance, not appearance. Lambeau and Soldier's Field, the LA Coliseum, old Yankee Stadium, the Rose Bowl are classic, solid designs but hardly splashy or grand. Yet they are among the iconic stadiums of the US.

A similar analysis applies to airports, where architecture is very subservient to efficiency and adaptability. Nobody gives a damn what it looks like when you are waiting an hour for your bags to arrive.

Note the contrast to office buildings, apartments or single family homes. In general no one knows what's going on inside, so most of the impression is in the exterior surfaces.

I think the whole "smart stadium" idea is more marketing hype than anything else. But at least in theory it goes to efficiency, which is what matters both on and off the field.
Cool. I just think it's ugly that's all
 

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Cool. I just think it's ugly that's all
Ugly is too strong. I would just say middle of the road.

But, again with a Bay Area audience eco-friendly and high-tech play better than sprawl, flashy and car-oriented. Cisco will be in a confined urban area, with good transit. Ditto for ATT. SAP (former HP) is urban and the proposed Oakland projects are in urban "transit village" contexts as well.
 
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