"SAN JOSE Two eye-catching housing towers that would sprout atop the site of a San Jose parking lot have received final city approval in a fresh sign that developers continue to scout for ways to step away from office projects. The towers would produce 768 residential units at 35 South Second St. in downtown San Jose, according to the just-approved proposal that was submitted by global mega-developer Westbank, which has proposed several projects in the city's urban core."
"This pivot to residential was predictable, said Bob Staedler, principal executive with Silicon Valley Synergy, a land-use consultancy. The aftermath of the coronavirus outbreak and the tech industry's wide-ranging downsizing forced countless developers nationwide to scuttle their plans for new speculative offices built without tenants that had signed leases for the workspaces."
City planning administrators approved two residential towers at 35 South Second Street in downtown San Jose that will deliver 768 units. Westbank submitted the plan for one 28-story tower and one 27-story tower sited between East Santa Clara and East San Fernando streets. The project includes 10,700 square feet of ground-floor retail, 26,100 square feet of residential lobbies and amenities, five underground levels including four parking levels, landscaped balconies and roof terraces. The proposal follows a 2021 Westbank plan for office space, reflecting a broader regional shift from speculative offices to housing amid post-pandemic changes and tech-sector downsizing.
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