A Los Angeles developer has moved forward with plans to build an urban village in West San Jose with nearly 600 apartments and a hotel supported by shops and restaurants.
Miramar Capital’s plans are under review by the city’s Planning Commission for its Stevens Creek Promenade at 4300-4360 Stevens Creek Boulevard, the Silicon Valley Business Journal reported. The 9-acre project would replace three half-century-old office buildings.
Plans call for redeveloping the aging office and retail complex that straddles Lupina Way, west of Kiely Boulevard and north of the 280 Freeway.
The new Stevens Creek Promenade would include three apartment buildings containing 580 units, of which one building with 173 units would be dedicated to affordable housing.
The gray-, white- and orange-colored complexes with spacious windows would feature underground parking for an unspecified number of cars.
A 250-room hotel would contain 8,530 square feet of shops and 2,811 square feet of restaurants. It would also have an underground garage.
As part of the development, Miramar would demolish the three 1970s-era office buildings in the Stevens Creek Executive Park, saving two one-story commercial buildings. It would move Lopina Way to the eastern edge of the property and replace it with a pedestrian path.
In 2016, the executive park was acquired by Fortbay for $53 million. The city ultimately approved plans for two apartment buildings containing 582 units, a 233,000-square-foot office building and a parking garage.
Miramar bought the property and the development rights from FortBay in 2020 for $54.5 million. It then revamped the proposal, ditching the office space for a hotel. Miramar Capital, founded in 2017, now has $2.5 billion assets under management, according to its website.
Five years ago, San Jose declared the area an Urban Village, designed to bring 3,860 homes and 5,281 jobs to the neighborhood straddling Loma Linda and Northlake. It also dubbed Stevens Creek Promenade a signature project, a designation for high-density, market-rate residential developments in proposed urban villages.
Early this month, the Planning Commission recommended two other such projects, including the 18-acre Cambrian Park Plaza in West San Jose and the 7.4-acre Blossom Hill Station in South San Jose.
– Dana Bartholomew
Read more
Residential
San Francisco
South San Jose housing project with 328 units wins preliminary approval
Commercial
San Francisco
Mountain View residential site nets Miramar $22M profit after four years