SAN JOSE — A vast San Jose site where a huge tech campus was once planned could become the location of hundreds of residences, including some affordable homes, a new proposal shows.
BXP, one of the nation’s largest and most successful real estate and development firms, is eyeing the development of 493 homes, including more than 100 affordable housing units on a north San Jose site.
At one point, BXP, known for most of its existence as Boston Properties, had planned a major tech campus on the site where thousands could have worked.
Housing is now deemed an excellent option on the site, located on a property bounded by North First Street, Daggett Drive, Zanker Road and East Plumeria Drive in north San Jose, according to BXP.
“Our 25-acre site in North San Jose presents an ideal opportunity for a new residential development,” said BXP senior vice president of development Aaron Fenton.
Housing development on a site served by a busy light rail line appears to make sense, in the face of a fading office market in the Bay Area that’s haunted by rising vacancies and soft rents.
“We are excited to propose a multi-phased, market-rate and affordable housing development that directly supports the city’s vision to generate diverse housing options for all income levels in San Jose’s premier employment center,” Fenton said.
Here’s how the housing development would break down:
— a 360-unit market-rate apartment building
— a 133-unit 100% affordable housing building
BXP said it looked forward to working with San Jose Mayor Matt Mahan, City Councilmember David Cohen and city planners as the project proposal winds its way through the government review process.
“Our partnership with the city spans over 30 years and we will continue to invest in opportunities that propel San Jose forward,” Fenton said.
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