SAN JOSE – A tower in downtown San Jose is set to lay the foundation this summer or fall and provide the urban core of the city with a unique combination of components in a single high-rise.
The high-rise, which will house houses, offices and restaurants, would be built a short distance from a Google-proposed walk-through village in downtown San Jose.
The Carlysle is located on Notre Dame Ave. 51 built next to Carlysle Street. The tower is located in an opportunity zone where real estate investments can be made with significant tax benefits.
San Jose-based Acquity Realty, a local developer, plans to build a 21-story, mixed-use tower with multiple floors for offices and multiple floors for residential buildings.
“Our goal is to break new ground this summer,” said John Pringle, CEO of Acquity Realty.
The tower would consist of 290 apartments and 158,000 square feet of office space.
The developers have applied to city officials for the grading and drainage permit required to loot the property before the tower is built.
Acquity has won some investors for the project and is looking for additional investments.
“The fundraiser is going very well,” said Pringle. “We are close to finalizing our financing.”
The skyscraper could also benefit from its proximity to the Google Village just down the street.
Google has proposed a transit-oriented neighborhood near Diridon train station and the SAP center that will consist of offices, apartments, restaurants, shops, hotel facilities, cultural centers, entertainment centers and open spaces.
The Carlysle is a tower that is different from other high-rise buildings in downtown San Jose. Erik Schoennauer, a land use and real estate consultant who guides the development proposal through the urban planning process, said in a previous interview with that news organization.
A tower with multiple living levels, multiple office levels, and retail stores on the ground floor is considered a rarity in San Jose.
“It’s common in other cities like New York or Chicago with taller towers,” said Schoennauer. “It hasn’t been the trend in San Jose before.”
The Carlysle would have 12 floors of residential buildings, five floors of offices and four floors of parking, plus the office and retail area on the ground floor.
Using a mix of all three development types also improves the project’s chances of success, Schoennauer said.
“If you have office, residential and retail in a high-rise, you have the advantage that you use the relative strengths of each use and mask the weaknesses of each use,” said Schoennauer. “That makes the tower in its entirety feasible.”