SAN JOSE – A new office tower in downtown San Jose is advancing construction in early 2021, a high-rise that the project developers say would be a short distance from a huge transit village proposed by Google.
The 21 story project, which was completed for a location on Notre Dame Ave. 51 next to Carlysle Street in downtown San Jose, will include retail, multiple floors of offices and multiple floors of residential buildings, creating a unique mix of real estate in a single tower.
“We’re driving this project forward,” said Dennis Randall, president of Acquity Realty. “We keep going even though it’s difficult in the middle of a pandemic.”
The project is for a 0.7 acre site on Notre Dame Ave. 51 planned and is not far from a planned Google transit village and new office towers currently under construction, one from Tech-Titan Adobe and the other from veteran development company Jay Paul Co.
One reason Acquity Realty has placed in its Carlysle project is the inherent economic strength of Silicon Valley.
Acquity executives believe that despite business closings imposed by state and local government agencies to fight the coronavirus, Carlysle Tower has excellent prospects, leading to widespread vacations and layoffs.
“Silicon Valley is the No. 1 economy on the planet,” said Randall. “Jobs will come back here very quickly.”
Once completed, the Carlysle Complex would consist of around 30,000 square feet of office space, 290 residential units, and around 7,600 square feet of retail space on the ground floor, according to San Jose’s urban planning documents.
“The strength of the Carlysle project is that it is a mixed-use building that has a major office component and a major residential component,” said Erik Schoennauer, a San Jose-based land use and real estate consultant who led the tour Contributed to the development efforts for the site through the urban planning process.
The architecture firm Steinberg Hart designed the project.
Mixed-use towers often have apartments with retail stores on the ground floor or offices with retail stores on the ground floor. In San Jose, an office tower with large sections of office and residential buildings is unusual.
Formal construction on The Carlysle is slated to begin in March 2021, although demolition of the existing structures could begin by the end of 2020, estimated John Pringle, CEO of Acquity Realty.
The tower would provide several amenities for building users.
“We have an enlarged deck on the 10th floor, a fitness center on the 20th floor, and a pool and lounge on the 21st floor,” said Pringle.
The considerable amount of office space as well as the nearly 300 residential units are expected to provide significant support to the project.
In addition, the project’s developers plan to market the office component to smaller tenants who are unlikely to be looking for space on one of the huge tech campuses in downtown San Jose. The office space could possibly be occupied by one to five tenants.
“The project can use the relative strengths of office and living,” said Schoennauer.