SAN JOSE, CA—Sares Regis Group of Northern California and its partner, Chicago-based Pritzker Realty Group, have closed escrow on a two-acre development site in downtown San Jose. Located at 60 Pierce Ave., the site is on Market Street between Pierce Avenue and Reed Street in the emerging South First Area district—San Jose’s visual arts and entertainment destination.
The Pierce, a mid-rise, luxury apartment and retail community will rise on the site. Demolition began April 1, 2014. Occupancy is projected for Fall 2015.
Sares Regis tells GlobeSt.com that construction costs of the development are around $70 million. The city of San Jose approved the development in November 2013, which will include 232 luxury rental units, as well as 4,300 square feet of ground floor retail space. Designed by Steinberg Architects, the Pierce will feature three to five stories of wood framed residential buildings over a two-story concrete garage with 323 spaces.
The Pierce’s plans incorporate streamlined architectural elements into a classic modern design. The landmark corner of Pierce and Market will be enhanced by a soaring public/private, glass enclosed space, inviting the neighborhood to participate in the planned community amenity. The building’s massing steps down in form, to unify with the single-family Almaden Market neighborhood west of the site.
Two-story spaces at the ground level will include a leasing center, reception lobby, high-speed wi-fi café and fully equipped fitness center. An outdoor kitchen, screening room, bike shop, swimming pool, landscaped gardens, and roof terrace will be found on the upper floors of the residential portion of the community.
According to a recent multifamily report from JLL, San Jose is among one of the tightest multifamily markets in the country with occupancy above 97%. Part of the reason is due to employment growth, says JLL.