SAN JOSE — A new residential development in downtown San Jose being built by Trumark Homes is poised to launch an emerging urban village near the Diridon rail station and Google’s future transit-oriented community.
SP78 has already landed dozens of buyers, even while units are being constructed in the 78-unit development, which is perched on the edge of the bustling San Pedro Square restaurant and entertainment district in San Jose.
“The recent announcement of Adobe’s new downtown office tower and Google’s proposal for a transit-oriented village coupled with the city’s greater effort for urban revitalization of the area further demonstrates the tremendous opportunity associated with downtown San Jose,” said Tony Bosowski, Northern California Division President at Trumark Homes.
Tech titans and developers are actively planning millions of square feet of offices in downtown San Jose.
Google has proposed a transit village near the Diridon train station consisting of office buildings, homes, shops, restaurants and open spaces where 25,000 would work, including 15,000 to 20,000 of the search giant’s employees.
San Jose-based Adobe intends to expand its three-building downtown headquarters campus by adding a fourth office tower on an adjacent parcel, saying 4,000 of the tech titan’s employees would work in the new high rise.
“The impact of the tech industry on housing supply is very apparent and has created a real demand for new construction, for-sale homes like SP78,” Bosowski said.
The new homes might be a hot ticket. By the end of last week, at least 28 of the 78 residences had been sold, according to a Trumark Homes sales representative who was on site.
The prospect that the Diridon rail hub, which already provides links to Caltrain, Capitol Corridor, Amtrak, ACE Train and light rail line, will also become a BART stop in the next several years, has fueled much of the activity lately in downtown San Jose.
The SP78 project consists of three-level town homes on the north side of West Julian Street between Coleman Avenue and North San Pedro Street.
Prices for the residences start in the mid-$900,000 range, Trumark Homes said. The Zillow website estimated the low end asking price at around $959,000 and the high end around $1.14 million.
Sizes for the various models range from roughly 1,300 square feet to 1,970 square feet, according to the development’s website.
“It’s a very dense overall development,” said Bob Staedler, principal executive with San Jose-based Silicon Valley Synergy, a land use and planning consultancy. “Glad to see it’s selling well.”
SP78 is part of what could evolve into a village and new neighborhood in the North San Pedro Square area. Officials with San Jose’s now-defunct Redevelopment Agency had in years past envisioned a village in the long-blighted district.
“This was a former brownfield site that we cleaned up,” said Staedler, a former city redevelopment staffer. The goal of the improvements, Staedler added, was to pave the way for “a new neighborhood in the downtown.”
All told, at least 1,500 residential units are being eyed in an area bounded by State Route 87 on the west, freight railroad tracks and Bassett Street on the north, Coleman Avenue and North Market Street on the east and West St. James Street on the south.
“San Jose continues to draw new residents who seek convenience and jobs in emerging tech markets,” Bosowski said.