SAN JOSE — Downtown San Jose is becoming a magnet poised to entice a widening array of tech companies, large and small, that seek urban settings close to transit, according to a panel of commercial real estate experts.
Google’s interest in creation of a transit-oriented village near the Diridon train station, along with low costs for land and office spaces and the prospect of expanding rail connections near relatively plentiful housing, were among the factors cited by the experts in making the case for downtown San Jose as a new economic boomtown. The observations emerged during a meeting sponsored by the San Jose office of SPUR, a non-profit urban planning group.
Matthew Lituchy, chief investment officer with Jay Paul, a veteran real estate company that is one of the Bay Area’s most successful developers with big projects in hotbeds such as Mountain View and Sunnyvale, said his company constantly scouts for locales potentially attractive to tech companies.
“We realized that everything we were looking for, an urban setting with plenty of transit, was right here in downtown San Jose,” Lituchy said. “We decided to take a look at downtown San Jose.”
San Francisco-based development firm Jay Paul has done more than look downtown. The developer, whose Silicon Valley tenants include Google, Apple, Facebook and Amazon, has begun to grab choice sites in the urban core of the Bay Area’s largest city.
“We are really excited to be here,” Lituchy said during a discussion with those who gathered at the SPUR event in San Jose on Jan. 30.
In July 2018, an affiliate controlled by Jay Paul paid $283.5 million for CityView Plaza, a huge complex of offices, shops and restaurants bounded by West San Fernando Street, South Almaden Boulevard, Park Avenue and South Market Street.
A few weeks later, in August, a Jay Paul affiliate paid $46 …read more
Source:: The Mercury News – Business