Intelli has paid $2.4 million for a public auditorium in San Jose with plans to replace it with 80 homes.
The San Jose-based developer led by Do Van Tron bought the two-story, 8,200-square-foot Nova Alianca Hall at 37 North 27th Street in Little Portugal, the San Jose Mercury News reported. The seller was Sociedade Filarmonica Nova Alianca, a San Jose marching band founded in 1974.
The half-acre site with the 26-year-old band hall is blocks from a future BART train station near North 28th and East Santa Clara streets.
“In the future, this could be developed,” Tron told the Mercury News. “It could become high-density housing. There’s potential to build 80 units.”
San Jose planners and the Santa Clara Valley Transportation Authority have encouraged the high-density development of homes, offices and stores around the 28th Street/Little Portugal BART station.
The 28th Street train stop is the next BART station to be built, with stations to follow in Downtown San Jose.
“Tron is planning for the future,” David Taxin, a partner with Meacham/Oppenheimer, a commercial real estate firm, told the Mercury News. “He’s a visionary. He sees the potential for this location.”
Tron has engaged in a real estate buying spree in the South Bay.
In February, his firm bought an 87,700-square-foot shopping center in East San Jose for $21.3 million, or $243 per square foot.
In September last year, he led a group that paid $6.4 million for the 26-room Palm Tree Inn Motel at 2724 Monterey Road. The defunct motel on 2.4 acres in southeast San Jose is ripe for redevelopment.
Earlier that month, his real estate investment firm paid $24.8 million for the old Sears store tied to the Eastridge Center shopping mall at 2180 Eastridge Loop in East San Jose.
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The deal for the 260,100-square-foot site included the old department store, auto service center and a large parking lot, which Tron aims to redevelop into a Hello Ben Thanh Indoor Market and Food Hall, modeled on century-old indoor markets in Vietnam.
— Dana Bartholomew