Santa Clara’s Housing Authority needs a new home.
Just over a year after it bought an office building at 3553 North First Street in north San Jose for $37.5 million, the authority decided it’s too big, SiliconValley.com reported. The group hired commercial real estate firm Newmark to sell the building.
The two-story, 86,100-square-foot building is too much for the authority, which needs just 60,000 square feet, according to a memo from construction programs manager Mary Jo Lee. The Housing Authority bought it in December 2020, when the pandemic had driven down rents and property values due, and now stands to make a profit on the sale.
Officials from the Housing Authority said it also determined the North First Street building would be inconvenient for most of their employees and clients. The group is also trying to decide what to do with its current headquarters at 505 West Julian Street.
The Housing Authority is considering relocating the headquarters to a mixed-use development site the county owns at the corner of North 14th Street and East Santa Clara Street. The potential move is supported by members of the community and city officials including the mayor, a San Jose city council member, a county supervisor and the city economic development office.
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