The project will consist of seven, two and four-story buildings. The retail space will occupy the first floor of one of the four-story buildings. The apartment mix will include a blend of lofts, traditional flats and townhomes, each equipped with high-speed Internet access.
AvalonBay plans to complete construction on Avalon at Cahill Park in the third quarter of 2002. Additionally, Avalon Towers on the Peninsula, an AvalonBay luxury high-rise apartment community currently under development in Mountain View, Calif., is expected to be complete in the second quarter of 2002.
In marketing Avalon at Cahill Park, AvalonBay mentions the project's proximity to office buildings, restaurants, museums and the San Jose Sports Arena, as well as easy access to major freeways and Cal Train's Cahill/Diridon Station. Additionally, AvalonBay has dedicated 1.2 acres of land adjacent its newest community to be used for a neighborhood park that will feature a fountain, a children's play area and an open grass field area.
Nearby the new project is AvalonBay's Avalon on The Alameda, a 305-unit project completed in 1999 and contains 15,000 sf of ground-floor retail space occupied by Blockbuster, Starbucks, a dry cleaner and a restaurant.
San Jose's downtown area is undergoing a major housing renaissance, and we are excited to be a significant part of it," said AvalonBay's veep of development Tim Stanley in announcing the news. AvalonBay currently owns or holds an ownership interest in 138 apartment communities -- including 12 that are under construction and four under reconstruction -- containing 40,631apartment homes in 12 states and the District of Columbia.
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