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SAN JOSE, CA-San Jose Land Co., a real estate firm owned by the San Jose Water Co., plans to redevelop nine acres of parking lots in the downtown area into a mixed-use campus that would include up to 1.2 million-sf of commercial, residential and retail space.

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

The project calls for a 325-unit residential complex, which would be surrounded by acres of open space, with views of Los Gatos Creeks. To the east, three commercial towers would be built overlooking the Guadalupe River. The high-rise towers would be between 10 and 14 stories in height. The project would cost at least $3 million to build. The property is already owned by the San Jose Land Co.

Two different companies would develop the project. The commercial developer would be Oakland-based SRM Associates and the residential developer would be Sausalito-based Thompson Residential Partners LLC.

San Jose Land Co.’s application will be reviewed by city and redevelopment staff before a decision is made whether or not to approve the project, which would require the property to be rezoned for mixed use. A decision will not likely be made before the middle of 2003, according to city officials.

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