Bay Area office market volatility adds to delays at San Jose’s giant tech campus

SAN JOSE — A huge high-tech campus planned for downtown San Jose could be delayed for several years, a sign that the Bay Area’s volatile office market and difficult economy continue to shock real estate projects. This was new evidence.

Cityview Plaza, a large office, retail and restaurant complex in downtown San Jose, is facing development delays. When fully constructed, the project will total 3.4 million square feet.

Jay Paul Co., one of the Bay Area’s most successful and savvy real estate companies, owns the project site and is located on South Almaden Boulevard, West San Fernando Street, South Market Street and Park.・We are planning to develop this property surrounded by avenues.

The developers, acting through an affiliated company, SJ City View LLC, are asking San Jose planners to grant a five-year extension to the site development permit, according to documents on file with city officials.

The current development permit is scheduled to expire in June 2025, according to city planning records. If extended for five years, the permit will expire in June 2030.

J. Paul Co. has completed an office tower at 200 Park Avenue, across from the City View Plaza development.

In the view of Newmark commercial real estate agent Phil Mahoney, one of the brokers seeking one or more tenants for the 200 Park office, the City View Plaza delay is a smart move for J. Paul Co. It appears to be an action. Tower.

“It makes sense for Jay (Paul) to hold back on City View,” said Mahoney, executive vice chairman of Newmark’s San Jose office. “Given the current demand, it doesn’t make sense to build any more office space.”

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button