SAN JOSE, CA-KT Properties has purchased a sizable parcel in a prime downtown San Jose location, with plans to build two residential towers with more than 600 units.
According to the Silicon Valley Business Journal, the firm has acquired a 1.7-acre property bounded by West St. James Street, North San Pedro Street, West St. John Street and Terraine Street, near the San Pedro Square Market.
The Journal says the deal closed last week, and that it illustrates an uptick in interest from developers for multifamily projects in downtown San Jose.
A commercial parking lot currently covers most of the property, and the historic Fallon House along is adjacent, but that city-owned property, as well as a small private residence on Terraine Street, were not part of the sale. The Journal says the transaction was arranged by Cassidy Turley.
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