"The City Council has approved the $13.5 million acquisition of 447 S. Almaden Blvd - a 3.56-acre parcel located between the convention center to the east and Discovery Meadow and the Children's Discovery Museum property to the west - after BXP, formerly known as Boston Properties, put the site up for sale in the spring after abandoning its development plans."
"The property was initially developed in 1993 as a parking lot, which the city continues to lease and has proven to be a moneymaker. A development agreement had initially required three high-rise office buildings to be built in phases before the city approved modifications in 2021 that included two connected 16-story office towers with a total of 2.05 million square feet, comprised of 1.4 million square feet of office space, 37,603 square feet of retail and amenity space and underground parking."
San Jose purchased a 3.56-acre parcel at 447 S. Almaden Blvd for $13.5 million, positioned between the convention center and Discovery Meadow/Children's Discovery Museum. The acquisition increases flexibility for potential convention center expansion or development of a sports and entertainment district with hotel, retail, restaurants, arts and cultural venues, and other gathering spaces. BXP (formerly Boston Properties) owned the site after buying parcels from the Redevelopment Agency in 2000 for $35 million and had developed a parking lot in 1993 that the city continues to lease. Prior plans called for multiple high-rise office towers, then two connected 16-story towers, but market conditions prompted BXP to sell the site, drawing five bidders.
#san-jose-real-estate #convention-center-expansion #sports-and-entertainment-district #downtown-redevelopment
Read at The Mercury News
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