(To read more on the multifamily market, click here.)
SAN JOSE-Sony Electronics is relocating and consolidating itsoperations here into the former Infineon Building on North FirstStreet, freeing up its Zanker Road campus for sale andredevelopment. The buyer is the apartment development division ofNewport Beach, CA-based the Irvine Co., which is planning an1,800-unit apartment community for the 38-acre North San Jose site,which currently holds 620,000 sf of buildings.
If the required rezone of the Sony site from industrial andresidential goes smoothly, Irvine Co. says construction could beginas early as 2008. The Sony campus sits across Zanker Road fromIrvine's North Park apartment community, a 2,700-unit developmentthat is 66% built out and well more than 90% occupied.
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