San Jose project would add offices, retail, 582 homes

Nearly 600 homes and about 300,000 square feet of offices would sprout in west San Jose on Stevens Creek Boulevard under a plan for a new urban village proposed by Fortbay, a Bay Area developer.

The project would be located at 4300 Stevens Creek Blvd., currently a low-slung complex with a collection of offices and retail.

“We feel the market out there is strong,” Tom deRegt, one of the principal executives with Fortbay, said in an interview Monday. “That’s why we are pushing ahead with this project and the urban village approach.”

The development would demolish the existing buildings on the site, which now has four office buildings and one retail building, according to a San Jose planning staff memo about the plan.

Read more from East Bay Times

 

Next three years seen as largely favorable across Bay Area CRE market 

CRE professionals have a relatively positive outlook for Bay Area real estate for the next three years.

The recent Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate survey showed renewed optimism across multiple markets over that time frame, due in part to increased investor activity in the last half of 2017, the tax overhaul and a strong stock market. The biannual survey projects a three-year outlook for California’s commercial real estate markets.

Read more from Bisnow

Northern California cities remain prime locales for CRE investors

Investment activity in the Bay Area and Northern California remained strong in 2017.

San Francisco was reported as having one of the strongest office markets in the country, according to Avison Young’s 2018 North America and Europe Forecast. Industrial remains in high demand with low vacancies in Oakland and the East Bay. Investment activity remained strong throughout the Bay Area and capital markets continue to seek out additional opportunities in 2018.

Read more from Bisnow

 

Amazon reveals top 20 city candidates for its second HQ

Amazon has reviewed the proposals from potential candidate cities for its second North American headquarters location, and it found 20 of those the most promising.

The mayors of these top 20 cities will now fight to the death in a Battle Royale-style island arena… er wait, no actually they’ll just move on the next portion of Amazon’s submission phase, which includes further proposal evaluation and working directly with the candidate cities on getting more info.

Without further ado, here are the cities that made the cut – 20 out of a total of 238 original applicants.

Read more from TechCrunch

Presidio Terrace: South Bay couple sues to win back street

Jilted investors trying to crowdfund legal fees

Tina Lam and Michael Cheng, the South Bay couple who bought the privately owned Presidio Terrace street for a mere $90,100 in 2015 and then saw the legal sale overturned by the San Francisco Board of Supervisors, are now suing the city in Superior Court to undo that decision.

The San Francisco Chronicle’s Matier and Ross report that Lam and Cheng’s attorneys are arguing that the board overstepped its authority. The suit comes as no surprise, since Cheng telegraphed his intentions to sue by taking the unusual step of opening a GoFundMe page to finance the action.

According to Cheng’s “Presidio Terrace defense fund” campaign, he and Lam feel slighted and singled out by San Francisco lawmakers, particularly Supervisor Mark Farrell, whose district includes Presidio Terrace.

Read more from Curbed SF

Why Zillow says San Jose is the nation’s hottest housing market in 2018

Driven by quickly rising home prices and a tech job market that continues to draw more workers, the online real estate database Zillow has projected San Jose to be the nation’s hottest housing market in 2018 with San Francisco fifth in its top 10 list.

California, North Carolina and Texas each have two cities in Zillow’s top 10, which is based on a mix of six variables:

  • Its own home value and rent index forecasts for the year,
  • Income growth estimates,
  • Population growth,
  • Unemployment rates,
  • Job openings per person.
Read more from Silicon Valley Business Journal

Downtown Corporate Campuses are Expanding into the Suburbs

One of the most important development trends in recent years has been the push to redevelop, reenergize and revitalize downtown districts in cities and towns across the country. Aligned with a demographic wave (led by millennials, empty nesters and active seniors) displaying a renewed appreciation for and attraction to the live/work/play dynamism that dense, mixed-use urban centers can provide, developers have become more aggressive and more adept at transforming underutilized urban neighborhoods in vital and energized centers of commercial and social activity.

Read more from National Real Estate Investor

Here are the Bay Area’s 10 biggest building sales of 2017

San Francisco and the rest of the Bay Area saw another banner year for building sales in 2017. Giant foreign investors, pension funds and private equity firms bought towers in the heart of downtown San Francisco and more suburban areas for record prices.

The big deals weren’t just limited to tech offices and Oakland’s investment market remains hot.

Read more from San Francisco Business Times

California’s Cannabis Conundrum: Legalization Will Lead To Fewer Dispensaries, Not More

With legalization of recreational marijuana just around the corner in California, the state is about to embark on what could be a $5B industry and a boon for tax revenue. But state regulations have created high barriers to entry and many cities and counties have banned cannabis outright.

Legalization in California will not translate to an immediate influx of cannabis dispensaries. In fact, many dispensaries now in business will no longer be able to continue operations past Jan. 1. States like Colorado created a more open market with fewer regulations when it legalized recreational marijuana in 2012, leading to an explosion of cannabis businesses. California requires dispensaries to be at least 600 feet from schools, to close at 10 p.m. and to have 24-hour surveillance, among other regulations. Jurisdictions also have the right to be more restrictive.

Read more from Bisnow

Iconic Bank of Italy building is bought, signaling rising downtown San Jose interest

The Bank of Italy office building, deemed by experts to be downtown San Jose’s most iconic tower, has been bought by investors based in Menlo Park and Manhattan, according to public records that indicate WeWork has taken an ownership interest in the high rise.

Through several transactions in December and October, two investment groups that are working together paid $33.8 million for the historic 90-year-old office tower, along with an adjacent parking lot and a building that contains Lido’s nightclub.

“We are a local group of investors who care deeply about an iconic building that was in need of repair,” Gary Dillabough, a realty investor and venture capitalist who is leading the efforts to revive the downtown San Jose icon, told this news organization Monday. “Our capital partner is back east.”

Read more from The Mercury News