100-plus homes are being eyed on North San Jose office building site
Proposal shows shifting nature of Silicon Valley tech hubs
SAN JOSE, Calif. — A large housing development is being considered for a North San Jose office site, indicating the changing nature of the area’s real estate sector in a post-coronavirus economy.
According to documents filed with city planners, a veteran San Jose real estate firm has floated a preliminary proposal to build more than 100 residences at the intersection of North First Street and Trimble Road.
According to city planning documents, Valley Oak Partners intends to construct townhomes on a 4.9-acre parcel with addresses of 2611 and 2635 North First Street.
According to city documents, a 107-unit townhouse development would be built on that site. The plans were submitted as a preliminary proposal to gauge local residents’, political leaders’, and San Jose planners’ reactions.
“This site makes a lot of sense to be redeveloped as a housing project,” said Bob Staedler, principal executive at Silicon Valley Synergy, a land-use consulting firm.
Many tech companies have reduced their office footprints, resulting in an increase in office space vacancies.
As a result, opportunities to convert office properties — including office towers in some cases — into residential development sites have arisen.
A housing development at First and Trimble would be located in the heart of North San Jose, an area densely populated with tech employment and office hubs.
Two Google buildings are located across the street from the proposed housing project. Google also has major employment hubs along or near First Street in North San Jose.
According to the development plans, the housing proposal at 2611 and 2635 North First Street will consist of townhouses in 15 buildings.
The property is currently owned by an affiliate of The Stanley Group, a real estate and investment firm. Bank of America operates the bank branch. According to Google Maps, tenants in the adjacent office building include a nonprofit, a vending machine supplier, and a software company.
The site currently consists of two commercial buildings, one of which houses a bank branch and the other an office building. The larger office structure was built in 1982. It was unclear when the bank branch was constructed.
“These older structures are inefficient and not likely to be in demand for reuse,” he said.
