390 Floyd St is a rare opportunity to acquire development land located in the prime desirable neighborhood of Tamien in San Jose, CA.
This well-situated plot of land totaling 18,000 square feet has plans submitted to develop135 units of affordable senior housing and is located in San Jose's General Plan Mixed Use Zoning District. By taking advantage of the Density Bonus Law, there is a high potential for cost concessions and fast track approvals by the city.
The subject property is located across the street from Tamien Station which acts as one of San Jose’s most important intermodal passenger transportation services connecting tenants from the top of San Francisco Bay Area all the way to Gilroy. Access to Tamien Station allows for higher unit density with zero required parking for residential developments in the area. The subject property is also located one stop away from the huge 80-acre Downtown West project proposed by Google expected to create up to25,000 new jobs in the area.
San Jose is the third-largest city by population in California, tenth largest by population in the United States and the county seat of Santa Clara County. It is the largest city within the Bay Area as well as the largest city in Northern California. The large concentration of high-technology engineering, computer and microprocessor companies around San Jose has led the area to be known as the Silicon Valley. As the largest city in the valley, San Jose has billed itself as The Capital of Silicon Valley. San Jose is now considered to be aglobal city and is notable for its affluence and high cost of living. Residents of 390 Floyd St will also enjoy convenient access to transportation corridors including Interstate 280,U.S. Route 101, State Route 87 and State Route 130.
The investment appeal of this asset is driven by San Jose's strong employment fundamentals and low vacancy levels. With a world-class location in the heart of the South Bay, 390 Floyd St presents an attractive choice for investors and developers due to its close proximity to major employers, transportation corridors, shopping, dining and entertainment options.
