Competition Stiffens in SV Development
Want to get a jump-start on upcoming deals? Meet the major Silicon Valley players at one of our upcoming events!
SV is surging, with new projects popping up left and right to meet the fervent demand. But rising land prices and more players in the market are making competition stiff for local developers. We've gathered a star-studded cast to tell you all about it at Bisnow's Silicon Valley State of the Market event April 15 at San Jose Marriott, starting at 7:30am.
Among our panelists is BSB senior development manager Joshua Burroughs, who's wrapping up entitlements on two big tower projects (the 313-unit North San Pedro Tower and 220-unit Park View at Saint James Park), with plans to start construction within the next year. The company is always looking for more land, but increased involvement of foreign capital and its inexpensive senior debt is a challenge. He says there's a rush to assemble land in downtown San Jose for comprehensive mixed-use, and that multi-tenant office space will be scarce in the next two years. Here's Josh and wife Melissa at last year's Children's Musical Theatre San Jose fundraiser in downtown San Jose (BSB is a major donor).
BSB is also under construction on 376-unit Century Center Towers (a joint venture with Essex), and the 347-unit Centerra (above) will deliver in the fall. His firm is working with big tech firms to swap their air rights atop parking lots for on-campus housing, more amenity space or more office space. This would limit the need for commuting and have less impacts overall on the environment. It's definitely the wave of the future, but there's still some pushback from the city to convert uses, he notes. Come hear from Joshua and the rest of the all-star panelists at Bisnow's Silicon Valley State of the Market event April 15 at San Jose Marriott, starting at 7:30am. Sign up here.