Choice site in San Jose near Google downtown village bought by developer
DiNapoli Family has bought a parcel near Adobe’s office campus, hotels, restaurants and the Tech Museum
SAN JOSE >> A veteran developer has grabbed a shabby building perched on a downtown site that’s prime property for development near a transit village that Google has proposed.
DiNapoli Family LP has bought a parcel at the corner of South Almaden Boulevard and Park Avenue, which is located near the Google village, Adobe’s office campus, hotels, restaurants, the Center for the Performing Arts and the Tech Museum.
The buyer paid $11.5 million for the site at 200 Park Ave. on May 31, according to Santa Clara County property records.
The new owner is an affiliate of JP DiNapoli, whose president is veteran Bay Area developer John DiNapoli. The seller was 200 Park Avenue, a group controlled by developer Terrence Rose.
At present, the buildilng is marred by graffiti and window frames covered with plywood.
Nevertheless, the property’s corner location — along with the prospect of being next to a Museum Place proposed development of offices, hotel rooms and residences — means that it certainly is ripe for redevelopment.
What could be developed on the property, which is roughly two-thirds of an acre? Multiple choices are excellent possibilities for this site, according to Mark Ritchie, president of San Jose-based Ritchie Commercial, a realty firm.
“Is it a hotel site? Is it a residential site? It could be either,” he said. “It’s a little too small for an office building. But this is great place to build.”
Ritchie is familiar with the parcel: In 1997, he arranged the sale of the site to Rose. According to Ritchie, Rose had grand plans for the property.
“Terry Rose wanted to build luxury residences in downtown San Jose, he tried for years to get it off the ground,” Ritchie said. “He wanted it to be like something in Nob Hill. We
even looked at San Francisco buildings to see how it could be built” in San Jose.
Whatever might be built there, observers think the location is among the best in downtown San Jose.
“It’s a prime corner, it’s an important development site, a great location,” said Bob Staedler, principal executive of San Jose-based Silicon Valley Synergy, a land
use and planning consultancy.
The location is indeed among the best of the best.
“The scale of that intersection is Parisian, it’s an extraordinary site,” Ritchie said.
Nearby, some key developments are slated to emerge in the coming years.
Mountain View-based Google plans a transit-oriented community of offices, homes, retail and restaurants, a development of 6 million to 8 million square feet where 15,000 to 20,000
of the search giant’s employees could eventually work in downtown San Jose near the Diridon train station and the SAP Center, an entertainment and sports complex.
Adobe Systems intends to expand its three-building downtown San Jose headquarters campus by adding a fourth office tower on a lot adjacent to the tech company’s existing complex.
“This is the beauty of where downtown San Jose is, with the Google bounce,” Staedler said.
Another major point of
optimism: The DiNapoli realty firm is deemed to be one of the top developers in the Bay Area. It’s been involved in multiple key developments in downtown San Jose, including hotels and office properties.
“DiNapoli is a good steward of downtown and a long-time developer,” Staedler said. “This project is in good hands. Whatever they develop there will be a thoughtful plan.”