San Jose sites bought, one eyed as a village, one may be retail
SAN JOSE — A developer has grabbed two choice sites in San Jose, one which could become a mixed-use transit village and the other a potential retail property.
Bay West Development, acting through two different affiliates, has paid a combined total of $41.25 million on June 5 for the two properties, according to Santa Clara County property records. The seller in both cases was Dick Yee Inc.
One site, a 6.4-acre, triangle-shaped property at the corner of South Bascom Avenue and Southwest Expressway was bought by Bascom Station Owner for $37.25 million. The other site, at 1020 N. 4th St. at the corner of East Younger Avenue, was bought by BWD 4th Street for $4 million.
Bay West Development had previously submitted plans for 477 residential units and 200,000 square feet of offices at the 1410 and 1388 S. Bascom property. That site is adjacent to the Bascom light rail site.
The Bascom Avenue and Southwest Expressway proposal is currently making its way through the San Jose city planning process. It’s possible the eventual proposal could be altered.
“For us, it’s critical to have a rail stop,” Pete Beritzhoff, a partner with Bay West Development, said earlier this year in discussing the company’s development proposal at Southwest and South Bascom.
A growing number of development proposals have emerged for properties that are next to or near transit stops or hubs.
The Bay West Development proposal on Southwest Expressway would be just a few rail stops from downtown San Jose’s Diridon Station, where Google has proposed a transit-oriented development.
Mountain View-based Google’s transit village would consist of offices, residences, restaurants, retail and open space in a community where 15,000 to 20,000 of the search giant’s employees could eventually work.
North of the downtown, Bay West bought a shuttered supermarket site, but doesn’t envision a big overhaul at the property.
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Source:: The Mercury News – Business