Proposed San Jose Mixed-Use Development Ditches Offices, Adds Hotel Rooms
The Stevens Creek Promenade, a proposed mixed-use development in San Jose, will ditch its planned 300K SF office component completely, while shrinking the retail piece of the project, according to updated city planning documents.
Additionally, the project will look to add 205 hotel rooms, having previously planned for zero. The proposed changes were first reported by The Mercury News. The site is located at 4300 Stevens Creek Blvd.
The project originally proposed a range of retail space between 15K SF and 22K SF, with the new changes proposing just over 10K SF in retail space. The number of available parking spaces initially planned has decreased by just over half, from 1,665 to 704.
Notably, the new plans call for an increase in the number of affordable housing units and a slight reduction in market-rate units.
The project's 580 residences will include 173 affordable units and 407 market-rate units, dropping the total unit count down by two from the original plan.
Another change reflects the challenges faced by many construction projects attempting to contend with supply chain disruptions and materials shortages. The overall projected time for construction was increased from 550 days to 664 days.
The project was initially approved by the city in late February 2019. Miramar Capital Group, alongside Machine Investment, purchased the property through affiliate MPG Stevens Creek for $54.5M in July 2020 from Colony Capital and FortBay.