Eighth Downtown Broker Tour Draws 200 Real Estate Professionals

On October 5th, the Office of Economic Development led the 8th edition of the Downtown Real Estate Tour. The purpose of the tour is to showcase recent downtown success stories, highlight projects in planning and under construction, and reveal investment opportunities.

Participants included property owners, investors, brokers, developers, builders, retailers, members of arts and entertainment groups, representatives from the hospitality industry and local businesses, and residents who benefit from new development. In our experience, these tour provide the opportunity for networking that can lead to future partnerships and new business ventures in Downtown San Jose. For example, Apigee’s move to Downtown in 2013 was a direct result of the conversation between Dharmesh Patel of Colliers International and the representing broker for Apigee who met each other on the bus at the previous Downtown Real Estate Tour!

dt-broker-tour-2016-1Best Tour So Far

With more than 200 registrations, this year’s tour was the best attended tour since it debuted in 2003. Attendees boarded four chartered buses for an engaging, narrated tour of commercial and residential projects of interest in downtown and the immediate surrounding areas, disembarking for visits at several sites of interest.  Knowledgeable guides and navigators on each bus provided detailed project descriptions and other insights into the local real estate market and trends. More than 130 points of interest including city programs and initiatives were shared during the bus tour which lasted two hours.

The tour started at the bustling San Pedro Market with welcoming remarks from Sean Cottle of Hoge Fenton. Raul Peralez, San Jose City Councilmember District 3, emphasized the transformation of Downtown into a vibrant urban neighborhood.  The tour highlighted a wide range of commercial and residential projects showcasing downtown’s changing skyline with many new developments in the works. Attendees toured two of the newer projects during the bus tour, WeWork and The Pierce.

2016 Tour Stops

Wework: WeWork provides beautiful workspace, an inspiring community, and meaningful business services to tens of thousands of members around the world across 120+ locations. Weekly events, personalized support, and flexibility make WeWork the perfect place to network with fellow entrepreneurs and to grow a business. In downtown San Jose, WeWork’s co-working space occupies five full floors of an extensive renovated building. Filling more than workspace needs for a dive
rse community of creators, WeWork offers a gym with showers and a locker room, a game room, and an outdoor wellness space. There are also spacious conference rooms to host meetings, free beer and coffee for members and a networking venue on the patio.

The Pierce: Sares Regis in conjunction with Steinberg Architects is putting the finishing touches on The Pierce, is seven-story, mixed-use, luxury apartment building in the downtown’s SoFA district. Its proximity to a variety of restaurants, entertainment venues and museums makes it an attractive residential option for those who want to be in heart of San Jose’s arts district. The Pierce has 232 residential units with 4,300 square feet of ground floor retail on South Market Street. Property amenities include a fitness and recreation center, pool, and private rooftop deck with landscaped courtyard. The building’s multifaceted architectural style features a textured, contemporary design that also incorporates traditional elements reflective of the established single-family homes in the surrounding neighborhood. An exciting piece of the city’s Illuminations light project ($750,000 ArtPlace grant) called VOXEL CLOUD by Brian Brush, which will shine from the rooftop along Pierce Street and be visible from Interstate 280, helping to mark the southern gateway into Downtown.

One South Market: KT Properties in conjunction with Essex Properties topped off their 23-story 312 unit project in 2015, which includes 6,000 sf of retail space on Santa Clara Street. One South Market was San Jose’s first residential high rise project since the 2008 recession, providing much needed residential housing options for the rapidly expanding Silicon Valley tech market. It is also the city’s first-ever purpose-built apartment tower in downtown featuring LEED certified “state-of-the-art living” with amenities including an outdoor deck, pool and WIFI lounge, and a fitness center. Steps away from the bustling San Pedro Square with its many options for entertainment and attractions, One South Market is already fully leased!

The tour ended with a cocktail reception on the open-air lounge by the pool at One South Market, providing attendees a chance to network and engage in greater dialogue with the tour planning committee and sponsors.

Each year, the tour is made possible by partnership with Hoge Fenton, Colliers International, AEI Consultants, Chamber of Commerce as well as the San Jose Downtown Association.

About The Author

Tina Kapoor is the Economic Development Officer at SJeconomy and wrote this blog on the 2016 Downtown Real Estate tour. You can connect with Tina on Twitter or via email. More information on the Tour can be found on the Tour’s website and on Twitter.