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Originally Posted by peanut gallery
Again, thanks for all the great updates, cardinal2007 (Stanford grad?). I really like 150 Second Street, and it fills a long time gap on the light rail line.
Any rumors on two other parking lots in the area: the corner of San Carlos and Market, and the one on San Fernando between First and Second? They aren't noted on the map you posted but seem like ideal development sites.
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Yeah, did my Masters there, but still a fan of the football team.
Sobrato's other lots, they are a rather conservative company when it comes to development. The first is known as Block 8, and the latter as Block 2, very endearing names I know. Those go back to the SJRDA (SJRA?) days when the redevelopment agency numbered them. Some people speculate it goes back to the original survey era, but I doubt it.
Anyway around 2010 Sobrato paid $20M for both lots, and has operated parking lots from those lots since then. They have not announced anything but from the article on 150 S. 2nd. they said the following:
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Sobrato's other sites
Sobrato has two other parking lots it owns, known as Block 2 and Block 8. Block 8 is a 1.5-acre site fronting at Market and San Carlos Street across from the Westin San Jose. Block 2 is a 1-acre lot between First and Second streets, fronting West San Fernando. (The sites were named in the days of the San Jose Redevelopment Agency and are somewhat arbitrary today, but are still used.)
Hollister said Block 8 is likely an office site because of its large size. "We're starting to fool around with it, but we don't think the market is quite ready," he said, adding that residential will lead the way. "You’ll see employers locate there when they see employees want to be there," he said.
Block 2, he said, is also a great site, and would likely fill in after Block 3. "We thought it was better to start (with Block 3), but honestly it could have gone either way between the two," he said.
Working through the Block 3 approvals should take a couple of months, but getting the construction drawings to the finish line will take longer. It's at that point that Sobrato will do a "budget check" to determine whether or not to go vertical.
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Interesting that they think office for block 8, it may be large enough to have large floor plates, but it does seem well suited for Residential/hotel since the convention center is right by there.
I do think their choice on 488 Almaden was ill fated, being too far away from the walkable downtown. Almaden Blvd is kind of the office park area of downtown, not so nice.