San Jose Land Co. recently submitted an application to the cityof San Jose for development rights for up to four high-rise towerson parking lots near San Jose's Compaq Center. According to cityofficials, many residents of San Jose have voiced support for theproject, saying that the project could beneficial to the area,which is vacant and blighted.

The project calls for a 325-unit residential complex, whichwould be surrounded by acres of open space, with views of Los GatosCreeks. To the east, three commercial towers would be builtoverlooking the Guadalupe River. The high-rise towers would bebetween 10 and 14 stories in height. The project would cost atleast $3 million to build. The property is already owned by the SanJose Land Co.

Two different companies would develop the project. Thecommercial developer would be Oakland-based SRM Associates and theresidential developer would be Sausalito-based Thompson ResidentialPartners LLC.

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