Parkside Hall at 180 Park Ave in San Jose could be the site of a mixed-use tower after the City Council agreed to formally enter talks with Insight King Wah, a JV of King Wah Development and Insight Realty.
The council unanimously approved the JV’s proposal over three other hopefuls. The proposed project would replace Parkside Hall with a 270-foot tower that would include 210k SF of office space spread over five floors. Residential plans call for 185 units on 12 floors and luxury penthouses of up to 11,300 SF on the top floor. Two stories would be reserved for a nationally branded boutique hotel.
As part of the deal, the city will contribute the land and Insight would build new space for The Tech museum that is located on the land. Financial terms still need to be worked through, but the hope is that a purchase and sale agreement can be presented for approval within six months. [SVBJ]
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