PCCP Provides $64M Toward Mixed-Use Development In Downtown San Jose
Hudson Cos. has received a $63.8M senior loan from PCCP for the development of Vespaio in San Jose. The seven-story mixed-use project will have 162 residential units and about 39K SF of retail and commercial space.
The project at 138 Stockton Ave. in downtown San Jose has begun construction and is expected to be completed in 2019. The loan will be used to finance construction and marketing for lease-up of residential and commercial spaces, according to PCCP partner Jim Galovan.
Vespaio will have three floors of commercial space fronting Stockton Avenue; two levels of structured parking; and amenities on the third floor, including a business center, a fitness center, a resident lounge and test kitchen, a gaming area, a pool, a spa, outdoor cabanas, a common area rooftop deck with barbecues and a fire pit.
The development is across from Diridon Station and has regional transit access via Caltrain, Amtrak and San Jose Light Rail and will eventually be served by the ACE bullet train and the future BART extension. It also has direct access to Highway 87 and Interstate 880. Neighborhood amenities include a Whole Foods Market across the street and The Alameda, a tree-lined pedestrian retail boulevard with restaurants, grocers, schools, bars and shopping.
San Jose-based Hudson Cos. manages over 500 apartment units and 300K SF of commercial real estate.