BXP’s proposed tech campus in downtown San Jose could be in limbo as the development site goes up for sale.
The 3.7-acre parcel, located at 447 South Almaden Boulevard across the street from the San Jose Convention Center, is on the market for an undisclosed amount, the Mercury News reported. BXP proposed the development when the tech boom in the Bay Area was at its peak in the past decade before the pandemic.
When BXP proposed the development in 2019, plans called for 1.6 million square feet of offices. The site is still approved by the city for the project, but BXP never broke ground on the development. It would be built on the east bank of the Guadalupe River opposite the Children’s Discovery Museum of San Jose, and a block away from the San Jose Center for the Performing Arts and the Convention Center rail station.
Commercial real estate firm Newmark is on the hunt for a buyer for the property, with Newmark’s Steven Golubchik, Edmund Najera and Ramsay Daya leading the marketing efforts.
The overall zoning for the site is flexible should the new owner want to build residential, commercial or a mixed-use project.
“447 South Almaden Boulevard offers investors a rare opportunity to acquire a 3.7-acre development site with near-term cash flow and long-term redevelopment optionality in one of the Bay Area’s most dynamic urban markets,” the sales brochure states, per the Mercury News.
The land is currently a surface parking lot with 426 spaces, which the city of San Jose is leasing through June 2027.
At the same time, construction on Google’s Downtown West project just a few blocks away has been on pause since 2023, per the Silicon Valley Business Journal. The development would add about 7.3 million square feet of office space, 4,000 new housing units, nearly 500,000 square feet of mixed-use retail space, 300 hotel rooms, 100,000 square feet of event space, and 15 acres of parks and open space to the area.
— Chris Malone Méndez
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