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Western National Group has big plans for a small parcel of land in San Jose. The company just purchased 6.5 acres from Berryessa Properties and wants to build 560 multifamily units and 37K SF of ground-floor retail.
This new development would be the fifth phase of the 120-acre mixed-use transit-oriented master planned community of Market Park San Jose. The development from KB Home is adjacent to the future Berryessa BART station, expected to open at the end of 2017. Borelli Investment Co. Chairman Ralph Borelli brokered the land sale.
Market Park San Jose includes 449 townhomes and single-family homes from KB Home either previously built or near completion. The new project brings total housing units in the North Village to more than 1,000. A 100K SF grocery-anchored retail center is expected to open in 2019.
The master planned community will eventually have a South Village, which would have more than 1,818 residential units and up to 2M SF of mid-rise and retail space.
Berryessa Properties’ San Jose Flea Market, which is across the street from this community, will provide $5M to San Jose’s Parks, Recreation and Neighborhood Services toward building two city parks on seven acres and another $6M toward utility infrastructure improvements at Market Park’s North Village.
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