SAN JOSE — Fresh plans have emerged for a huge housing development that would produce several hundred homes in San Jose as the project enters crucial environmental and public review phases.
The project would create an estimated 737 residential units on a north San Jose site near the corner of River Oaks Parkway and Zanker Road, and adjacent to apartment complexes and tech hubs.
Valley Oak Partners, a veteran real estate development and investment firm, has proposed the development at 211, 251 and 281 River Oaks Parkway, a 9.8-acre site a few blocks from North First Street.
Three office and research buildings totaling 164,600 square feet occupy the property. The three buildings would be bulldozed to clear the way for the housing.
The project’s environmental review process is getting underway. This allows the public to provide input into the proposal for the 700-plus units.
“This comprehensive plan includes 100 townhome units, a 100% affordable apartment building featuring 132 units and a market-rate apartment building comprising 505 units,” Valley Oak Partners stated in its proposal on file with San Jose city planners.
The project will also use a “green belt” between apartment buildings to connect to River Oaks Parkway, the proposal states.
The townhomes will be three stories in height, the affordable apartment building will be five stories and the market-rate apartment building will be seven stories high, according to the project plans.
American River Capital, an East Coast investment firm, owns the property. American River Capital bought the property in 2014, paying $52.1 million.
The buildings at present are empty, as is the case with numerous office buildings throughout the Bay Area.
Due to the Bay Area’s faltering commercial property market, more developers and property owners are seeking to build housing on their office sites.
Valley Oak Partners has yet to purchase the site. Developers often hold off buying project sites until they are fully assured of receiving approval from city officials.
