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SAN JOSE-The San Jose City Council has unanimously approved granting a 6-month extension to a New York firm that plans to develop a $750 million to $1 billion shopping and entertainment district in downtown San Jose.

The Palladium Company wants to develop 325,000-sf of retail space and 1.3 million-sf of residential, office and hotel space in the downtown area.

The delay in signing a development agreement with the redevelopment agency is largely due to the project’s size and the changing nature of the market, says a Palladium Company representative. The company is optimistic about the delay, as it will give them time to finish the environmental and technical reports.

San Jose Mayor Ron Gonzales says that the participation of Palladium is necessary to make the downtown area a shopping and entertainment destination, but he believes it will be a long, complicated process.

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