We’re all used to turning to Google when we’re looking for information. So what can Google tell us about what’s going on in San Jose? They must know something: the company recently announced a multi-billion investment in the city, adding further momentum to the ongoing revitalization of downtown.
I think they see what we see and what U.S. News saw with this year’s ranking of “Best Places to Live” when they named San Jose as #5 best place to live. Or maybe it was what the real estate services firm JLL saw when they named San Jose the #1 city in the U.S. for attracting innovation-oriented industries. They saw a great opportunity to be a part of a city on the rise.
Google’s proposed transit-oriented neighborhood may ultimately bring as much as $19 billion in new investment to the city over the course of the next decade or so. The company is beginning site preparation this year and expects to start building in Q1 2023.
The Google project is taking place along a stretch of the city that’s currently made up of older commercial and industrial buildings, junkyards, warehouses, and vacant lots, among other structures. It will, in short, move an under-utilized area to a higher purpose, creating jobs, housing, and potentially higher tax revenues for the city. As planned, Google’s mixed-use neighborhood is slated to accommodate up to 7.3 million square feet of offices, 6,000 residential units, 500,000 square feet of retail space that would include shops and restaurants, 300 hotel rooms and 15 acres of open space.
At Urban Catalyst we’re doing our part to support this renewal with the investments we’ve made through our Fund I, and the planned investments through Fund II, now in fundraising. To get a closer look into what we’ve been doing, look no further than our Paseo project. Paseo is a reimagining of an existing downtown space once home to the Camera 12 theater but more recently having fallen into neglect and disuse.
We are creating a dynamic mix-used property and rolling out a new “Restaurant Row” along South Second Street and the Paseo de San Antonio. Signed tenants include Urban Putt, a miniature golf course operator; Unofficial Logging, which is tapping into the growing enthusiasm for ax-throwing with a unique restaurant and bar concept; and Paper Plane, whose Eos & Nyx will offer brunch, lunch, and dinner as well as cocktails.
And that’s not all. We recently broke ground on Gifford Place, one of the first new senior living facilities to be built downtown in many years and just 500 yards from the first phase of the Google project.
Using Google can be a great way to get information. Watching what Google is doing in downtown San Jose can be a good way to get a peek into the future of the city. To be a part of this future, contact us today.
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Opportunity Zone Disclosures
- Investing in opportunity zones is speculative. Opportunity zones are newly formed entities with no operating history. There is no assurance of investment return, property appreciation, or profits. The ability to resell the fund’s underlying investment properties or businesses is not guaranteed. Investing in opportunity zone funds may involve a higher level of risk than investing in other established real estate offerings.
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