Google venture buys downtown San Jose transit village sites, purchases reach $233 million

SAN JOSE — A Google-led venture has bought more downtown San Jose sites that could provide chunks of land for a transit village of offices, homes, shops, restaurants and open spaces near the Diridon train station.

TC Agoge Associates acquired two parcels on North Montgomery Street and one property on West Julian Street, both located north of the SAP Center, according to Santa Clara County public records.

The buyer, a joint venture of Google and its development ally Trammell Crow, paid $9.5 million on June 12 for the three parcels, county property documents show. The seller was EBJ Partners.

The deals widen Google’s holdings in its areas of interest where the search giant is considering an ambitious multi-faceted development in the area of the Diridon Station and the SAP entertainment and sports complex.

“Google is executing a thoughtful, well-considered plan,” said Bob Staedler, principal executive with Silicon Valley Synergy, a land-use and planning consultancy. “They are working through a list of properties to create sensible, walkable, urban areas.”

Starting in December 2016, Google has been been buying a diverse array of properties — and has struck deals for even more acquisitions — on the western edges of downtown San Jose.

“Just to get the sites together by itself is obviously very complicated, and it’s not completed yet, and it’s taking a while,” Mark Golan, Google’s vice president of real estate development, said in April during a San Jose public meeting. “But we are getting close to having a site that is viable.”

The tech titan has spent at least $233 million in completed property purchases, this news organization’s review of county records shows.

However, Google’s investment commitment in downtown San Jose has reached the $359 million mark, when combining the dollar value of completed purchases with agreements to buy more proerties.

The $359 million figure emerges …read more

Source:: The Mercury News – Business


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