Developers look towards Santa Clara and Downtown
Google has pending proposals to develop millions of sq. ft. of office and also add thousands of homes for the local workforce
July 24, 2019
- Google has pending proposals in Mountain View and Sunnyvale to develop millions of sq. ft. of office and also add thousands of homes for the local workforce. They have also been gathering land near Diridon station in Downtown San Jose, though no formal plans have been submitted.
- In the face of the housing crisis, many developers have proposed mixed use projects to appeal to local governments. Examples include Railyard Place, CityLine and the redesign of Kylli’s Santa Clara project which all have large mixed-use components.
- Some developers anticipate development activity shifting further east, as rents continue to balloon in the north and west sides of the Valley.
- Downtown San Jose has over 7 million square feet of office proposed and under review, as activity from Google and interest in Opportunity zones has spark heavy investment from developers and investors.
Source: JLL Research