High Density Residential DEVELOPMENT SITE
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HIGH DENSITY RESIDENTIAL DEVELOPMENT SITE 50-90 NORTH FIRST STREET, DOWNTOWN SAN JOSE, CA February 2013 PREPARED BY: David Buchholz John Kovaleski Senior Vice President Senior Vice President +1 408 282 3843 +1 408 282 3844 [email protected] [email protected] 50-90 North First Street, San Jose, CA TABLE OF CONTENTS TABLE OF CONTENTS Disclaimer 2 Offering 3 Executive Summary 4 Location Overview 5 Property Summary 10 Exhibits Downtown High-Rise Residential Development Map 17 Downtown 2012 Demographic Information 18 Leasing Flyer 60 & 80 N. First Street 28 Avigation Easement 35 COLLIERS INTERNATIONAL | SAN JOSE/SILICON VALLEY | 450 WEST SANTA CLARA STREET | SAN JOSE, CA 95113 P. 1 50-90 North First Street, San Jose, CA DISCLAIMER DISCLAIMER Colliers International DisclaiMER: This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees or representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquires as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). CONTACT FOR FUrther inforMation, please contact EXclUsiVE AGent: David Buchholz John Kovaleski Senior Vice President Senior Vice President +1 408 282 3843 +1 408 282 3844 [email protected] [email protected] CA License No. 011000075 CA License No. 00828965 www.colliers.com COLLIERS INTERNATIONAL | SAN JOSE/SILICON VALLEY | 450 WEST SANTA CLARA STREET | SAN JOSE, CA 95113 P. 2 50-90 North First Street, San Jose, CA THE OFFERING THE OFFERING Colliers International is pleased to offer 1.39 acres along with the 6 existing office commercial buildings at 50-90 North First Street, located in the “core” downtown area of San Jose. The plan is to sell the property “as is.” The information provided herein should not be relied upon by any Buyer purchasing the property. Each Buyer must perform its own due diligence prior to purchasing the property. Additional information and due diligence material is available upon request. On site tours of the property for potential Buyers can be set up at a future date by appointment with Colliers International. Please carefully review this comprehensive Offering Package. If you have any questions or need additional information, please call us. We will do everything possible to assist you. Listed below are seVeral IMportant pieces of inforMation: 1. This opportunity is being provided to you without any Offering Price. 2. All offers in the form of a Letter of Intent are due by 5:00 PM, Friday, April 12, 2013 and sent to the attention of: David J. Buchholz Colliers International 450 West Santa Clara Street San Jose, CA 95113 408-282-3843 [email protected] 3. Please include the following in your offer: • Identify the contemplated use(s), giving sufficient background on other similar projects that your firm has completed. • Please provide a summary of the Participant’s firm, how long it has been in business, a discussion of its experience developing similar sites, and experience with development in San Jose. 4. ON-SITE TOURS MUST BE ARRANGED BY APPOINTMENT, WITH COLLIERS INTERNATIONAL. COLLIERS INTERNATIONAL | SAN JOSE/SILICON VALLEY | 450 WEST SANTA CLARA STREET | SAN JOSE, CA 95113 P. 3 50-90 North First Street, San Jose, CA EXECUTIVE SUMMARY EXECUTIVE SUMMARY Marshall Squares, LLC (Seller) has retained Colliers International as its exclusive listing agent to coordinate the sale of the Marshall Squares Properties located at 50, 52, 60, 66, 80 & 90 North First Street and 65 North 2nd Street, San Jose, CA (Property). Marshall Squares is offering the site on a fee simple basis. VISION FOR THE SITE This site is envisioned as a high-rise residential development project that is fitting with the Downtown Strategic Plan and development of the “Core Area” of Downtown San Jose. This site has been identified by the City of San Jose as an “in-fill” high density residential site consistent with the goals outlined in the 2020 and draft 2040 Envision General Plans. COLLIERS INTERNATIONAL | SAN JOSE/SILICON VALLEY | 450 WEST SANTA CLARA STREET | SAN JOSE, CA 95113 P. 4 50-90 North First Street, San Jose, CA LOCATION OVERVIEW LocATION OVErvIEW City OF SAN JOSE OVERVIEW The City of San Jose is the 10th largest city in the U.S., and the largest city in Northern California with 967,487 residents. It boasts the highest median household income in the nation. More than half of the adult residents have a college degree. As the capital of the Silicon Valley, San Jose is leading the world in technology innovation, medical treatment, and research & development. The city is home to over 6,600 high technology companies, employing over 245,000 people. San Jose’s close proximity to mountain ranges, beaches, wineries, and parks makes it one of the most active cities in America. It is also one of the most culturally diverse cities in the nation with approximately 52 different languages spoken throughout the city. Hence, there are many cultural events, festivals, and dining experiences to be had within the city. Transportation Mineta SAN JOSE International Airport: San Jose is serviced by the Mineta San Jose International Airport (SJC). The airport is owned and operated by the City of San Jose, providing nearly 50,000 jobs and $4 billion a year in business spending. In 2011, the airport saw 8.4 million passengers which is approximately 23,000 passengers daily. In 2011, the city spent nearly 1.3 billion on technological advances on new terminals and with a large focus on its newest terminal, Terminal B, which is certified LEED silver. HIGhways: Four of the Bay Area’s major freeways, US 101, I-280 680, and 880 all cross paths in San Jose. Nearby state highways, 17, 85, 87, and 237 also provide service to over 6.1 million commuters annually. VTA: The Santa Clara County VTA light rail provides train service from south San Jose through Downtown San Jose to Santa Clara. COLLIERS INTERNATIONAL | SAN JOSE/SILICON VALLEY | 450 WEST SANTA CLARA STREET | SAN JOSE, CA 95113 P. 5 TRANSPORTATION & 50-90 North First Street, San Jose, CA PARKING MAP Transportation & PARKING MAP GU AD ALUPE 87 P P P P PP P P P SITE P P P P P P P VENUE A ALMADEN P P P N. P P P P P P P P P P P P P P P P P PG&E P P P P P P GU AD ALUPE P P P P P P P P P P 5 SOUTHBOUND TRAINS ESTIMATED TRAVEL TIMES LEGEND SJ Arrival Times San Francisco to San Jose: 59 min. Bus Line/Stop 7:58, 8:13, 8:58, 9:13 & 9:58 AM Milbrae to San Jose: 41 min. Palo Alto to San Jose: 22 min. DASH Line/Stop 5 NORTHBOUND TRAINS Mountain View to San Jose 14 min. WEEKDAY SJ Departure Times CalTrain/Station BABY BULLET 4:23, 4:45, 5:23, 5:45 & 6:23 PM Light Rail/Station P Parking WALKING TIME = 12 MINUTES | DASH SHUTTLE TIME = 10 MINUTES | 46 ARRIVALS / DEPAR- TURES / DAY 280 L N COLLIERS INTERNATIONAL | SAN JOSE/SILICON VALLEY | 450 WEST SANTA CLARA STREET | SAN JOSE, CA 95113 P. 6 50-90 North First Street, San Jose, CA DOWntOWN AMENITIES Downtown AMenities The San Jose Convention Center – With state-of-the- art communications, many events are held here from tradeshows to corporate launches to general sessions and banquets. The convention center comprised of 143,000 SF of column free exhibit space, room for 1,000 10’ x 10’ booths, a 22,000 SF ballroom, 100,000 SF of pre-function space, 165,000 SF of contiguous exhibit space, 425,000 SF total combined convention space, and there are 31 meeting rooms with capacities for 50 to 2,400 in theater style seating. The center is connected to two hotels, the Hilton and Marriott, and within walking distance to 5 additional hotels. The Tech Museum – Since its opening in 1998, the 132,000 SF facility has had more than 6.5 million visitors, which is approximately 500,000 visitors per year. Over 120,000 visitors came from California school groups, of which nearly 60,000 were from Title 1 schools. The museum is composed of 3 floors with a 280 seat IMAX Dome Theater, one of the top 10 attended in the US. The Tech has become a major landmark for visitors all over the world, giving them a glimpse into the latest in technology innovation. HP Pavillion – Completed in 1992 and opened in 1993. It cost the city $162.5 million to build with $132.5 million funded by the City and $30 million funded by HP Pavillion at San Jose Management. The HP Pavillion can seat up to 20,000 people including 66 executive suites. It has become home to the NHL’s San Jose Sharks and is referred to as the “Share Tank” by San Jose locals. Fox California Theater – Originally built in 1927, the theater re-opened after being closed for more than 30 years, on September 17, 2004 as a major performing arts facility, designed for live stage performances, opera, and motion pictures. It underwent a six year, $75 million renovation under the direction of the San José Redevelopment Agency and the Packard Humanities Institute, which financed over one-third of the project costs.