We just chatted with South Bay Development Co partner Mark Regoli, who's gearing up to start the 237@First office park that's sat ready to go since 1998.

Mark's company bought the North San Jose land on First Street back in 2012, which was entitled by Cisco in the late '90s for office, R&D and industrial uses. The project will include two six-story, one five-story and one three-story office buildings—all of which could add up to 615k SF of office space. Also expect a volleyball court and loads of recharging stations. Along with the mayor, he's expecting 200 brokers in attendance at the groundbreaking today. A Newmark team is leasing the project, which will deliver next summer.

Marketing hasn't ramped up until now, because of the "construction credibility gap," when tenants don't take projects seriously until they physically see bulldozers in the ground, Mark says. He expects lots of interest because the buildings will be LEED Gold and there are lots of tech companies looking for space. Tenants that want collaborative space will be pleased, since the design calls for open floors plans and few columns. The location is great, he adds; you can practically walk to the 49ers Stadium.