San Jose Sells Parcel for $28.6Mln, Condos Planned

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The San Jose City Council on Tuesday approved a $28.6 million mixed-use residential high-rise project that will add nearly 500 new homes in the heart of downtown.

The agreement calls for City Front Square LLC and Casa Del Pueblo Preservation Partners to pay $28.6 million to the city's Redevelopment Agency, which currently owns the 1.48-acre parcel at 281 South First St.

The land, at the corner of South First, San Carlos and Market streets, is commonly referred to as "Block 8" in downtown.

The property is adjacent to numerous San Jose landmarks such as the Hotel Sainte Claire, Original Joe's and the Hotel Montgomery as well as the Fairmont Hotel, Plaza de Cesar Chavez and the Marriott Hotel.

City Front Square plans to build two for-sale, high-rise market-rate residential towers with a total of 414 units. Casa Del Pueblo Preservation Partners will construct a single high-rise residential building with 245 new affordable units, 165 of which will replace the existing and aging Casa Del Pueblo project, and 62 units in the new project will be reserved for those earning less than 30 percent of the median income.

The City of San Jose will provide a $6.6 million loan for the expansion of the Casa Del Pueblo project to include 80 new apartments for non-elderly individuals and small families.

The new building will replace the existing Casa Del Pueblo apartments, a federally subsidized housing project for very low-income senior citizens located next to the project site on Block 8.