#north-san-jose

#north-san-jose

SAN JOSE - A huge San Jose site once deemed to be a prime candidate for a high-profile tech campus has been bought by a veteran real estate firm with extensive experience in the Bay Area real estate market. The 24-acre property in North San Jose was bought for $50.5 million by an affiliate of Four Corner Properties, according to documents filed Jan. 15 with the Santa Clara County Recorder's Office. BXP, a real estate titan with a coast-to-coast reach that was previously known as Boston Properties, was the seller in the all-cash deal, the county documents show.

The Sonesta ES Suites hotel at 1602 Crane Ct. in North San Jose could be converted to apartments or condominiums under a very preliminary proposal on file with the city's Planning Department. The 114-room hotel consists of a cluster of seven buildings, according to the project proposal. The applicant is interested in investigating the possibility of remodeling the hotel suites into multi-family rental apartments or for-sale condominiums, the project plans state.

McCarthy Development, a Los Gatos-based real estate firm that is floating the proposal, intends to bulldoze five buildings on the site and replace them with three new buildings, according to the proposal. Designed as a high-end industrial campus, the facility can support advanced manufacturing, research and development, technology, some warehouse, and office uses, McCarthy Development stated in project plans. The three new buildings are slated to total 437,600 square feet.