Mere months after Jay Paul Co. paid $283.5 million for CityView Plaza, a block-sized mixed-use campus in downtown San Jose, the management team overseeing the complex has confirmed that it will be redeveloped.
“As many of you are aware, CityView Plaza will be redeveloped,” a Wednesday email from CityView management to the plaza’s tenants, which include the Silicon Valley Business Journal, state. “Effective October 1, 2018, both the fitness center and conference center will be closing. There are many reasons that go into a decision like this and we understand that this may impact some companies more than others.”
The email from the management company confirms months of rumors and chatter among current tenants, local real estate insiders and brokers that Jay Paul Co. is plotting big changes for the property, even as new renovations of lobbies and the fitness center started by the former owner, Equus Capital Partners, have barely come online.
Jay Paul Co. earlier this month neither confirmed nor denied that redevelopment could be in store for CityView, which is roughly bounded by South Market Street, West San Fernando Street, Almaden Boulevard, and Park Avenue. But the company did acknowledge that it was studying its options.