VC Development Group is pleased to be working with Cushman & Wakefield who is exclusively presenting the opportunity to acquire 324-338 W. Saint John Street (the “Property”), a high-density transit-oriented hotel development site located in San Jose, California. Situated steps from Google’s future Transit Village at Diridon Station, the Property benefits from immediate proximity to the ±8 million square feet of Class-A improvements and 25,000 high paying jobs expected at this transformative urban redevelopment. The Property is located within the Downtown Employment Priority Area overlay, providing an investor the opportunity to develop up to 149 hotel keys.
An overall detailed Development Budget and Investment Deck is currently being prepared. This property will be the Northern ‘Gateway Hotel’ to the Diridon Station Specific Plan.
|Price||To be determined by market. Contact Keith Claxton – Cushman & Wakefield – 408-436-3657|
|Address||324-338 W. Saint John Street, San Jose CA|
|APNs||259-36-036, 259-36-037, 259-36-038, 259-36-067|
|Site Size Acres||+/- .264 acres|
|Site Size SF||11,543 SF Total|
|Number of Parcels||4 Parcels Total|
|Zone District||DC (Downtown Commercial).|
|Maximum Height||110 Feet – 200 Feet Possible|
|Existing Structures||3 Single Family Residential Units|
Situated less than a quarter mile from Diridon Station, 324-338 W. Saint John Street is adjacent to one of the busiest intermodal stations on the West Coast, serviced by Caltrain, Amtrak, ACE Train, VTA, several bus lines and soon, BART.
324-338 W. Saint John Street’s direct proximity to Google’s future Transit Village makes it the region’s top institutional-quality property.
324-338 W. Saint John Street’s strategic access to the most innovative companies in the world has positioned its neighborhood as Silicon Valley’s top income growth submarket. As a fully-amenitized community located adjacent to Diridon Station, the Property will offer the high end, transit-oriented hotel experience critical to attracting the region’s most affluent guests.
World’s Largest Concentration of Tech Employers
- 324-338 W. Saint John Street benefits from its location in core Silicon Valley, the uncontested tech capital of the world and home to three of the world’s top ten most valuable companies.
- With a 20% increase in labor force over the past 10 years, Silicon Valley boasts the world’s second highest per capita GDP at $128,308 annually while maintaining one of the country’s lowest unemployment rates of 2.4%.
- The Silicon Valley/San Francisco Metro captured 47% of all venture capital investment over the past two years – $45.5 billion was invested in 2018, contributing to spurred growth and innovation.
Path to Approval
Plans are to be submitted to the San Jose City Planning Department for Site Development Permit review. These combined properties will be subject to an Historical Review due to the age of the existing 3 single family residential units. Approvals take ±8 months. With the parcels already having approval for hotel development, no local resistance is anticipated.
CITY PLANNER CONTACTS FOR FURTHER INFORMATION
Timothy Rood, Principal Planner/City Design: email@example.com City of San Jose Planning, Building and Code Enforcement: (408) 535-3555