SAN JOSE — A choice site a few blocks from a Google transit village proposed for downtown San Jose has been bought by a group headed by a veteran developer.
The downtown San Jose site that’s just been bought is at the corner of West San Carlos Street and Delmas Avenue and includes El Jalapeno Rojo restaurant, a commercial building, and two houses, county documents and an observation of the neighborhood show.
The buyer is a group headed by Matthew Love, a veteran real estate executive whose career includes stints at Burlingame-based Epoch Realty Capital and San Jose-based Insight Realty, Santa Clara County property records show. Love declined to comment about the transaction.
The addresses involved in the purchase range from 400 through 422 W. San Carlos St. and include 301 Delmas Ave., county property records show.
“We are going to see more investment and development activity in this area,” said Scott Knies, president of the San Jose Downtown Association. “It’s close to a lot of places where big projects are being planned.”
Acting through an affiliate, the Love-led group paid $2.6 million for the downtown San Jose property, according to county public documents that were filed on Sep. 18. Open WSC Delmas QOZB paid cash for the parcels involved in the transaction.
The San Carlos Street corridor features San Jose State University, the South First Area, or SoFA district and the hotel clusters towards the eastern end, the Center for the Performing Arts and the Tech museum in the center section, the Google transit village a bit further west; and the Santana Row and Westfield Valley Fair mega retail and dining hubs at the western end.
“There are a lot of underutilized properties around Delmas and San Carlos,” Knies said.
The sites that Knies has in mind are typically in good locations with plenty of potential for redevelopment.
In the case of the recent purchase, no development proposals for the property have been filed by Love or his representatives. The site is just a few blocks south of Google’s transit village.
Google has proposed a transit-oriented community of office buildings, hotel rooms, houses, restaurants, shops, cultural amenities, entertainment outlets and open spaces near the Diridon train station and SAP Center. The search giant could employ 20,000 to 25,000 people in the transit village.
Separately, Adobe seeks to engineer a huge expansion of its three-building headquarters campus in downtown San Jose by constructing a new office tower on West San Fernando Street.
No development plans for the site were on file with city officials.
“We’ll see more proposals, more purchases. along West San Carlos Street,” Knies said.
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