According to The Mercury News, two residential towers containing more than 600 dwellings, including space for restaurants and retail will start construction in downtown San Jose this month. The Miro project was delayed for three months by water filling the construction site. Bayview Development Group solved that issue and is ready to commence building two 28-story towers that will include 18,000 square feet of commercial space. “We are interested in a full-service restaurant on the corner of Fourth Street and a coffee shop on the corner of Fifth Street,” said Ted McMahon, chief investment officer with San Jose-based Bayview Development. “We’re also looking at one or two other retailers.”
The project is poised to capture plenty of interest, partly due to mega expansions by two tech behemoths. San Jose-based Adobe, which now occupies a three-skyscraper headquarters campus near the corner of Park Avenue and South Almaden Boulevard, is actively planning construction of a fourth tower next to the existing complex.
Near the Diridon train station downtown, Google has proposed development of a transit-oriented community of office buildings, homes, shops, restaurants and parks where 25,000 could work, including 15,000 to 20,000 of the search giant’s employees.“A project like Miro expands the boundaries of downtown San Jose,” said Nick Goddard, a senior vice president with Colliers International, a commercial realty firm. In decades past, the primary activity in downtown San Jose was concentrated in a relatively narrow strip between State Route 87 and Market Street.
Lately, San Pedro Square has become a hotbed of activity for restaurants and nightlife, while the SoFA, or South First Area has evolved into a theater, entertainment and arts district. Developers have launched major renovations and projects along Santa Clara Street near First, Second and Third streets aimed at creating more activity in the area. Hotels such as the Fairmont also have helped to intensify activity.
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