BXP has paused its residential entitlement effort for a tech campus in San Jose as it opts to put the campus on the market, a spokesperson for the developer told The Real Deal.
The Boston-based firm was looking to bring two buildings of market-rate and affordable units to 2830 North First Street and 45 through 65 East Plumeria Drive in north San Jose, The Mercury News reported. In total, 482 apartments were planned for a 7-acre project site, which is part of a 24.3-acre property where BXP proposed building offices for tech companies.
The plan included a four-story, 360-unit building of market-rate apartments and a three-story, 133-unit building consisting entirely of affordable housing. The affordable units were to be set aside for households earning 80 percent or less of the area median income for Santa Clara County, currently defined as $195,200 for a family of four.
Plans on file with city officials broke down the makeup of both structures. The market-rate building was going to be built on 5.3 acres with 40 studios, 190 one-bedroom units and 130 two-bedroom pads. The affordable building was slated to be built on 1.7 acres with 13 studios, 43 one-bedroom units, 35 two-bedrooms and 33 three-bedroom apartments.
The market-rate building was going to come complete with two courtyards, a sky deck, an outdoor deck, a pedestrian path and other open spaces. The affordable apartments were going to have a community playground and courtyard.
San Jose could use as much new housing as possible to meet its goals over the next six years. The city’s Regional Housing Needs Allocation calls for 62,200 new units by 2031, or an average of 7,775 new units each year.
A recently implemented multifamily incentive program in the city could help developers ramp up housing construction in the coming years. It waives in-lieu fees and 50 percent of construction taxes for the first 1,500 units built in areas designated for growth. It also offers a 25 percent reduction in taxes for up to 8,539 of eligible units starting next year.
— Chris Malone Méndez
Correction: This story has been edited to reflect that BXP has paused its residential entitlement effort at the tech campus project and put the property up for sale.