SAN JOSE, CA-While details are still pretty mum at this time, GlobeSt.com has learned that Federal Realty, owners of the massive retail and mixed-use complex here called Santana Row, have snagged a major ground lease. According to Jeff Berkes, president of West Coast Federal Realty Investment Trust, says that it has entered into a long-term ground lease with the owners of the 11.6-acre site fronting Winchester Boulevard.
The site is fronting Winchester Boulevard and is opposite Santana Row. It is currently occupied by Century Theaters.
“We are working with the City of San Jose to explore several different development alternatives that will complement our existing property, Santana Row, and the surrounding community,” he says. “We look forward to commencing the public process.”
Although Berkes has no further comment at this time for GlobeSt.com, we know that this isn’t the only expansion in the works for the Santana Row property. GlobeSt.com was there to take a peek at the currently under construction Misora Residential build out at the property. Construction on Misora began in February, 2012. When completed, Misora will bring the total number of homes at Santana Row to 834—615 are rentals and 219 are privately-owned condominiums.
Federal Realty VP Jan Sweetnam, VP of the Western Region and COO of Federal Realty Investment Trust, Santana Row’s parent company, previously told GlobeSt.com that “Santana Row is constantly evolving to stay relevant to our customer. Staying on the cutting edge of retail and restaurant concepts is an important part of how we serve our community.”