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Hughes Marino Market Spotlight: San Jose Rising

97 major projects now being tracked by Crane Watch

By John Jarvis

With sky-high rents and over-crowding on the Peninsula, Google, Apple and Microsoft have major plans underway for new projects and a little breathing room in San Jose. But that is just the tip of the iceberg. The Silicon Valley Business Journal created a great tool to track the development pipeline in San Jose, dubbed Crane Watch. It is a detailed interactive map that is now tracking 97 major development projects underway in San Jose.

Here is a quick highlight of some of the more significant projects.

Apple North First Campus

Apple has acquired an 86.35-acre site entitled for 4.15 million square feet and another 43-acre site located at 2481 North First Street entitled for 2.8 million square feet. Plans for these properties are in development now as Apple transitions their focus from their newly completed, massive, circular 175-acre, 2.8 million square foot Apple Park Headquarters in Cupertino. In addition, Apple is developing their plans for another 12.9-acre site acquired at 301 Atmel Way.

Microsoft

Last year Microsoft bought 65 acres along SR-237 for $73.2 million with plans that could accommodate a campus of up to 1.2 million square feet, with initial plans for a 437,000 square foot data center.

Source: The Mercury News.

Google Village

Google continues to assemble development sites in and around Downtown San Jose, with a vision to build up to 8 million square feet of offices and residential units near Diridon Station and the SAP Center. Dubbed Google Village, the project is imagined as a transit-oriented village that would be a catalyst to “connect people, places and experiences in an authentic way,” according to Michael Flynn, Google’s urban design lead.

TMG/Valley Oak Office Development

Right in the midst of Google Village, TMG Partners and Valley Oak Partners are proposing another 1 million square feet of new development in three buildings on this 5.5-acre site at 440 W. Julian Street.

Adobe

Adobe plans to build a fourth office tower at 333 W. San Fernando Street, adjacent to its existing downtown San Jose Headquarters, a move that would double Adobe’s workforce in the area. The project is entitled for 1.514 million square feet in an 18-story tower.

Photo via The Station on North First.

The Station on North First

Boston Properties has approvals to build up to 1.65 million square feet on this 24.3-acre site. The project as envisioned will comprise seven office towers, built in two phases, ranging from 5 to 10 stories with completion estimated in 2019.

Brokaw Corporate Campus

Developer Peery-Arrillaga is under construction now on this site at 60 East Brokaw Road, which will ultimately comprise 2.025 million square feet in 10 seven story office towers.

Rendering via Assembly at North First.

The Assembly

Located at 3930 – 4000 North First Street, this 27-acre project by SKS Partners, ProspectHill Group and Invesco Real Estate is slated for 1.3 million square feet of office space, starting with 500,000 square feet currently under development in the first two phases.

Santana West

Federal Realty has two projects planned across the street from Santana Row, including 970,000 square feet on a 13-acre site at 3161 Olsen Drive and another 284,000 square feet of office space at 700 Santana Row.

237 @ First

Located at 4353 North First Street, this 30-acre project being developed by South Bay Development is entitled to deliver 615,000 square feet of office space in four Class A towers, with the first two 6-story towers currently under construction to deliver 184,000 square feet each.

Image via America Center.

America Center II

Located at 6220 and 6280 America Center Drive, this project by developers USAA and SteelWave is under construction to deliver two additional 6-story towers, each comprising 229,000 square feet. One of the towers has been pre-leased to Hewlett Packard.

Innovation Place

Broadcom, in conjunction with Boston Properties, is under construction on an additional 544,000 square feet to add to their existing 544,000 square foot campus on this 25.5-acre site at 3100 – 3130 Zanker Road.

All of this planned development is mind-boggling really, and this doesn’t include the planned hotels, retail, mixed-use, industrial and smaller office projects in the area. With traffic congestion already brutal during peak commute hours, it is hard to imagine how this is all going to work. The future certainly looks bright, but it also looks a bit congested. Let’s hope transit innovations can keep up and offset some of the additional average daily trips.

John Jarvis is a senior vice president of Hughes Marino, an award-winning commercial real estate company specializing in tenant representation and building purchases with offices across the nation. Contact John at 1-844-662-6635 or john@hughesmarino.com to learn more.



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