"Erik Hayden, a Bay Area real estate executive who is one of the busiest developers in downtown San Jose, recently opened a new 176-room Marriott TownePlace Suites hotel on West San Carlos Street, and landed $112.5 million in construction financing for a nearby 278-unit apartment complex known as Aquino that will have an overall project cost of $135 million."
"The question that folks have been asking is when is downtown San Jose going to get that it factor. A couple of times we thought downtown San Jose had that it factor. One was right before the 2008 crash. Then it came on pretty strong between 2011 and 2020, peaking in 2019. The nightlife in downtown San Jose has really improved over the last 20 years. This is as good as I've seen it. There are things to do downtown now that it didn't have before."
"Downtown San Jose is still facing the same problems as a lot of other major metro areas. Overcoming these problems will create the opportunities. You need to get more people coming back to the office, and you have the homeless problem. You go to St. James Park, and there are still a lot of folks there. We don't see a lot of solutions."
A new 176-room Marriott TownePlace Suites hotel opened on West San Carlos Street, and $112.5 million in construction financing was secured for a nearby 278-unit apartment complex called Aquino, with an overall project cost of $135 million. Downtown San Jose's nightlife and amenities have improved over two decades, creating more evening activity and a growing sense of vibrancy. Persistent challenges include low daytime office occupancy and visible homelessness, particularly in St. James Park. Development interest is focusing on opportunities tied to Google's proposed Downtown West mixed-use neighborhood amid elevated costs and high interest rates.
Read at The Mercury News
Unable to calculate read time
Collection
[
|
...
]