SAN JOSE — A downtown San Jose-space office environment property that could be redeveloped as a housing undertaking has been purchased by a South Bay real estate group.
The group compensated $5.3 million for the site, which is found at 380 N. Initial Road, in accordance to files found at the Santa Clara County Recorder’s Office.
The new entrepreneurs of the property are arranging to build at least 100 units of housing on the web page.
The site is situated in an chance zone, which are geographic spots that give tax pros to men and women who devote in houses that are significantly redeveloped.
“I like the location, the community and the option zone,” explained Mostafa Aghamiri, a Silicon Valley tech government who is top the possession and enhancement group for the web site.
The buying team acquired the assets by means of an all-hard cash offer, the county documents exhibit. The transaction was arranged through brokers Ty Ataei and Ralph Borelli, the two veterans of South Bay authentic estate.
“The operator is pondering of building 100 to 118 models at the web site,” said Ataei, a Campbell-primarily based Realty Just one Group Infinity broker who represented the purchaser. “It would be 7 stories.”
The property is subsequent to a gentle rail line that’s a couple of prepare stops absent from the Diridon Station location wherever Google ideas to establish a blended-use neighborhood.
“The property is a wonderful website, it has frontage on three sides,” reported Borelli, chairman of San Jose-dependent Borelli Expenditure Co., which represented the vendor.
The website totals .5 acres, in accordance to data files at the County Assessor’s Office.
“The 380 North 1st website is extremely challenging owing to its modest acreage and becoming narrow,” stated Bob Staedler, principal govt with Silicon Valley Synergy, a land-use consultancy. “Iamesi Village that just opened is 135 units and on around an acre.” The Iamesi Village household progress is at 201 Bassett St.
The just-acquired 380 N. Initial St. site has frontage on North To start with Road, Bassett Street and North Next Road, county public information demonstrate.
“The house is near to downtown San Jose, it’s in an prospect zone and Google is nearby,” Ataei stated.
Aghamiri’s tech knowledge contains founding ITRenew, a Silicon Valley organization that supplies program to wipe data and also will help customers to dispose of undesirable information and facts technologies belongings.
“The new proprietor is discovering new options in Silicon Valley and needs to provide his experience to actual estate,” Ataei said.