San Jose Development Updat e
WGNA Board Meeting Willow Glen Branch Library Ma r c h 9 , 2 0 17 Agenda
● SJ economic update ● Major developments’ status and lookahead ● Downt own updat e ● BART progress ● North San Jose ● Incentives/ initiatives ● Cool tools Office of Economic Development: Mission
Economic Strategy Policy Development Attraction/ Retention W or kf or ce D evel opment Arts and Culture City Real Estate A s of Jan . 1, SJ h ad :
~2 M SF+ squar e f eet of Cl ass A of f i ce under const r uct i on
815,000 SF of retail under construction (inc. Westfield)
831,000 SFindustrial under construction
3 , 116 residential unit building permits issued since July 2015
9,500 r esi dent i al uni t s pr oposed or appr oved as of Feb. 2016 ( many mor e now)
1, 70 0 hot el r ooms pl anned What ’s t he t rend?
FY16/17 FY 16/17 YTD Growth Projections: 400,000 more by 2040 (and 120K resi units) SJEconomy: By t he Numbers (www.sjeconomy.com/ indicators) SJEconomy: By t he Numbers Current Project Updat es Sant ana Row Expansion ● Expansion includes an addi t i onal 516,000 SF of office, 55,000 SF of retail, and 370 r esi dent i al units ● 700 Sant ana Row (pictured): new 284,000 SF Class A office building ● Expect ed f i ni sh: Early 2019 ● Ground broke Still to come: 258 units (Lot 12) - entitled and ready to D ecember 2016 go. 900 Santana Row (226K office) entitled Ameri ca Cent er -Pa r t De u x
457,000 SF Class A office
Lar gest -ever Vi ew Gl ass installation
LEED Gold
Fut ur e expansi on capaci t y Brokaw Road Campus
116K SF u n d er construction
Tenant uncl ear … Westfield Valley Fair Expansion ● $600M, 650,000 SF expansi on of exi st i ng W est f i el d Val l ey Fai r shopping mall ● New 150,000 SF, 3-l evel Bloomingdale’s store ● Space f or 90 new r et ai l er s ● Showpl ace I CON ci nema ( on Sant a Cl ar a si de) ● Outdoor dining and lounges ● Expect ed compl et i on i n 2019 Phase 1 under way: 357K SF Coleman Highline $14M underground tunnel to Caltrain started October.
Better connects access for pedest r i ans and cycl i st s t o t he Cal t r ai n, ACE and Capital Corridor platform, and El Cami no Real .
Retail, hotel in future plans. B a y 10 1
64,000 SF 2-story card club
174 r oom Embassy Sui t es
FUTURE: 9-story office (242,000 SF) What t o Wat ch for in 2017: Evergreen Arcadia 80 acr es j ust sout h of East r i dge M al l
344,000 SF retail
250 residential units (SFD) What t o Wat ch for in 2017: Diridon
Phase I: 490,000 SF
T ot al : 1M SF
35,000 SF retail
325 apar t ment s What t o Wat ch For in 2017: Comm Hill
First phase of 2,000 units under construction from KB Home
H uge i nf r ast r uct ur e i nvest ment from KB
1.44M SF industrial with CEQA cl ear ance on 55 acr es cl ose t o popul at i on cent er What t o Wat ch for in 2017: Camera 12 sale
Of f er i ng went out this month
Of f er s due M ar ch 30
Sale is for land only - building owned by For est Ci t y and subject to long-t er m GL .
U npr i ced What t o Wat ch for in 2017: Apple site What t o Wat ch for in 2017: BART
Ber r yessa st at i on near l y done. Opening still slated for late 2017.
Shoul d not be af f ect ed by W ar m Spr i ngs/Fr emont del ay
Fl ea mar ket si t e t o be upzoned f or mor e commer ci al /of f i ce adj acent t o station
BART Phase 2 ( t o D ownt own/Sant a Clara) EIR now out for comment
M easur e B i ncl . $1.5B f or f i nal phase Berryessa St at i on Area
Fl ea mar ket si t e r ezoned for 3,000 units in 2008
M or e commer ci al /of f i ce bei ng st udi ed f or ar ea closest to station
See SPU R r epor t f or i n- dept h l ook at neighborhood/issues Finishing t he BART line
Fi nal phase cost : $4.7B $750M t o come f r om Cap and Tr ade Fundi ng
Measure B (approved in Nov.) provides $1.5B Draft EIR now on the street. Meetings this month. Comment per i od open. Another $1.5B to come from federal “New Starts” program Station options - where to put the stations?
Downt own Updat e
~1,900 units recently built
About 5,500 high- and mi d-rise resi in planning or under construction
1.7M SF of f i ce appr oved
Si l ver y Tower s - 640 units under construction The Pi erce at SoFA: Now Leasi ng
● New 232 unit luxury residential building ● Locat ed i n t he vi br ant SoFA District ● 4,300 SF of ground- floor retail fronting S. 1st St. ● Cont empor ar y desi gn with unique ar chi t ect ur al f eat ur es
Downt own High-Rise Projects
“ Post and San Pedr o Tower ” “ Par kvi ew Tower s” 0 Post St. 252 N. 1st St . 182 Residential Units 220 Residential Units 7,767 SF Ground-Fl oor Ret ai l 14,555 SF Ground-Fl oor Ret ai l Downt own High-Rise Projects
“ SJSC T ow er s” “ The Gr aduat e” 39 N . 5th St . 300 S. 2nd St . 610 Residential Units 260 Residential Units 19,500 SF Ground-Fl oor Ret ai l 16,400 SF Ground-Fl oor Ret ai l Downt own High-Rise Projects
“Alterra” “Sobrato Block 3” 1st and Fount ai n Al l ey 150 S. 2n d St . 324 Residential Units 393 Residential Units 5,000 SF Ground-Fl oor Ret ai l 7,150 SF G r ou n d -Fl oor Ret ai l Downt own High-Rise Projects
“ Gat eway Tower ” “Greyhound Station” 470 S. M ar k et St . 70 S. Al maden Ave. ~270 Residential Units 708 Residential Units Ground-Fl oor Ret ai l 20,000 SF Ground-Fl oor Ret ai l Downt own high-rise incentive 12-story residential buildings that break ground by July 2018
50% r educt i on i n par k f ee (currently $21,400 per unit)
Reduce const r uct i on t ax by 50%( cur r ent l y about 4% of building construction value)
D ef er payment unt i l COP, r at her than due at building permit i ssuance Nort h San Jose: Ret ail and Amenit ies
St udy under way t o det er mi ne how t o dr aw i n r et ai l ameni t i es t o N or t h San Jose
W hat t ype? Locat i ons? D emand?
Gi ve us your f eedback! Tenant t rends
Medical office
W ar ehouse/di st r i but i on
Automotive-r el at ed
Food/ent er t ai nment Cit y Incent ives and Init iat ives
“So, what do you have t o of f er ?”
San Jose Rest aurant St reamlining Pilot Coor di nat es wi t h Sant a Cl ar a Publ i c H eal t h
Pr e-screens applications for problems, eliminating f ut ur e headaches
Rest aur ant s can be cl ear ed f or bui l di ng per mi t i n weeks, not months
I nf or mat i on: Pr ogr am M anager Ron D avi s, r on.davi s@sanj oseca.gov St at e Programs: California Compet es Tax Credit
● Income-t ax cr edi t f or co’s t hat want t o come, st ay or gr ow i n Cal i f .
● FY2016-17: $243.3M avai l abl e
● N ext appl i cat i on per i od: M ar ch 6-M ar ch 27
● N egot i at ed agr eement based on var i ous f act or s:
○ Jobs cr eat ed/r et ai ned
○ Empl oyee compensat i on
○ Strategic importance of the company to the region/state
○ Extent of unemployment/poverty in location
● Local exampl es: Cool t ools for sit e select ion
I nt er act i ve maps f or zoning, general plan, traffic counts, downtown parking, ur ban vi l l ages, A PN s, road conditions and mor e. http://csj- mapsgallery.appspo t .com/i ndex.ht ml General Plan Zoning Weekly Project Fili ng Emai l
Get pr oj ect submi ssi ons, zonings, other permits in your i nbox ever y week.
ht t ps://www.sj per mi t s.or g/ per mi t s/gener al /emai l f or m .asp New count y t i t le record syst em
M or e sear ch opt i ons, “more Googly” in its sear ch r esul t s.
http://scccroselfservice.org/web/