Google, San Jose plan search giant’s downtown expansion; up to 20,000 jobs possible

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#41

Amazon is taking over East Palo Alto


#42

I’ve seen that one. The article about downtown SJ referenced Amazon moving in there too.


#43

A lot light industries and warehouse will be demolished and replaced by high rises. I was at Sunol Ave on.Sunday I was selling homes there before. I was surprised to find out how much residential construction were going on. Condos on 3 or 4 floors. If you know where Plant 51. It is a terrible place to use a prune factory as condo housing. Some units(263 total?) are selling in low $800Ks. Its steep HOA dues are hardly justified. It essentially covers nothing.


#44

People, in their discriminatory thinking avoided E San Jose for the same reasons they avoided E Palo Alto. I don’t want to call them dumb, but lacking vision. Some other people really don’t care about crime because as we all know, crime is about numbers, not everybody will become a victim of a crime.

I travel to Gilroy once in a while. Last Sunday, on my way back, I noticed the traffic is heavy. I just imagine the nightmare San Jose is going to face with all these jobs coming to increase the number of drivers.

I just can’t, but I imagine nothing good.


#45

So, you wouldn’t represent any buyer there, right? :smiley:


#46

Q: What else do you see coming?

A: The strongest drivers of real estate are jobs and wage growth. Google is coming, Adobe is expanding, Apple is coming to north San Jose, Amazon is arriving – so locally, you have a pretty robust growth in jobs and income. This soon-to-arrive worker base — these are the same workers who created the massive housing shortage in SOMA (in San Francisco) and drove up rents and prices there. The same thing is going to happen in San Jose, but the impact will be more dramatic. Because in SOMA, it was already a fully built environment; it’s not like you could drop in 10 million square feet. But in San Jose, it can accommodate millions of square feet of new product, so the effect is going to be tremendous. And that same demographic that drove up prices across the board in San Francisco, whether in office, rent or retail, is going to do it again in San Jose.

I just remember we also have the HSR connecting San Jose with the Central Valley in 2025. All these new developments are walking distance from the Diridon Station. That could be a big draw for companies. People can ride the HSR from Fresno and arrive in SJ in 30 minutes, and walk to work from the train station.


#47

Kim’s wife is a super woman!

"Personal hero: His wife Sara, who “does the lion’s share of the work in raising our seven kids, runs the family ranch in Lafayette, and founded a thriving co-op school.”


#48

Robust real estate activity in downtown San Jose and the “Google village effect” around the Diridon Station area might be factors behind the nearly $76 million purchase of an apartment tower in the city’s urban heart, real estate experts said.

The 360 Residences, a 26-story tower with apartments and ground-floor retail, was bought on Aug. 22 by an affiliate of San Mateo-based Essex Apartment Homes, called 360 Residences.

“This shows the strength of the market, because Essex is a shrewd buyer,” said Don Imwalle, president of Campbell-based Imwalle Properties, a development and realty investment firm. “The fact that the buyer is a local company that is purchasing existing assets in downtown San Jose speaks to the strength of the downtown market.”


#49

Google’s effort to acquire a broad swath of downtown San Jose properties for a massive new tech campus is triggering a sharp jump in selling prices for commercial real estate in the area.

The internet search giant’s plan to expand into San Jose with a new campus employing up to 20,000 Googlers near the Diridon train station and SAP Center could take years to become a reality, if the company moves ahead with plans to build.

But Google and its development ally Trammell Crow have paid an average of 37 percent more to acquire properties near Diridon Station for the planned Google village than Trammell Crow paid two years ago for a large property deal in the area, this news organization’s analysis of county property records shows.

Those prices are far beyond what some sellers ever dreamed.


#50

$76M seems cheap for that building. I remember when the developer went through bankruptcy. It was a MESS. The bank financing it went bankrupt. The developer couldn’t pay subcontractors who filed liens on the building. That meant home owners that put money down couldn’t close. No closings meant no cash for the developer to pay the subcontractors. The whole building ended up being bought cheap through the banks bankruptcy process, and they decided to make it apartments. All the owners that put money down lost it.


#51

Wait, it sold for $117M in 2012. It sold for less this time?

https://www.bizjournals.com/sanjose/blog/real-estate/2012/04/kennedy-wilson-sells-san-joses-360.html


#52

#53

The Rose Garden is a really nice area but the schools… I think that’s why the really high end homes $3M+ in that area tend to linger and take a long time to sell. If I was paying $3M+, then I wouldn’t pick there.


#54

Agree. Rose Garden is ideal for DINKs (sfdragonboy should consider this neighborhood), millennials and iGen.


#55

Or old retired people. It’s an old money area I always felt. Kind of like the Dry Creek area near Willow Glen.


#56

I used to shop at Zanotto’s grocery store. It was mostly old white people shopping there.


#57

Hey, I said at or North of Millbrae!!! I am too cute to be driving that far to work. Sheet, why the heck am I even working??? Where is that no good husband of mine…

Signed,

Mrs. Sfdragonboy


#58

O_O SFDragonboy makes you work??


#59

Unfortunately, someone has to pay for those $300+ hairdos… and it ain’t me!!!

I need to refresh my thread on my $5 haircut place (which I have to visit this weekend)…


#60

I got a whal buzzer for like $20. Now my haircuts are $0