Huge office, retail, residential complex proposed in downtown San Jose at choice Valley Title lot

SAN JOSE — A million-square-foot mega complex of offices, homes and retail would sprout in downtown San Jose, under new plans that have been proposed by one of the city’s most active real estate entrepreneurs.

The proposal, if approved by the city, could be built on a choice downtown property that’s come to be known as the Valley Title site at 300 S. First St.

The mixed-use development would consist of 1.2 million square feet of offices, 50,000 square feet of retail and restaurants, 332 residential units and 645 parking spaces, according to preliminary plans submitted to San Jose officials.

The 2.8-acre site property was bought for $64 million in August 2018 by a venture led by Gary Dillabough. The site fronts on South First, East San Carlos and South Second streets and is directly across from the popular Original Joe’s restaurant.

This is deemed to be one of the most important development sites in downtown San Jose.

If fully built out, the complex would be a huge addition to the up-and-coming South First Area, or SoFA district, an emerging downtown arts, entertainment and nightlife neighborhood. The site also would help connect San Jose State University to other parts of downtown.

Dillabough has become one of the most active investors in downtown San Jose properties, acquiring sites that in several cases are poised to be transformed into dramatic redevelopment ventures.

Among the high-profile ventures being undertaken by Dillabough in downtown San Jose: the Museum Place office, restaurant and retail project at the old Parkside Hall; renovation of the iconic Bank of Italy office tower; redevelopment of the Bank of the West building across the street; and the historic Moir Building next to St. James Park; along with other nearby property purchases, including a parking lot on South Second Street.

Adding to the heightened interest are high-profile enterprises such …read more

Source:: The Mercury News – Business


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