When it comes to new office and residential development, San Jose has become the proverbial belle of the South Bay ball after about a decade of almost no commercial growth in the city’s downtown core.
Officials, urban planners, business leaders and residents are bracing for proposals that could double the amount of office space in the city’s downtown core over the next decade and add as many as 18,000 new homes. Major steps to bring all of that to fruition will happen later this year, when San Jose elected officials vote on a plan to increase building height limits and add density to the city’s downtown zoning code.
“We really want to continue to help build momentum, but also really address some of the concerns that people have about affordability and displacement and what it really means to create a new city center that includes us all,” said Teresa Alvarado, San Jose director for SPUR, an urban planning thinktank, which hosted a real estate forecast Thursday with commercial brokerage CBRE.
Currently city leaders are trying to push forward projects throughout the downtown, but are also making efforts to address displacement concerns, said Kim Walesh, deputy city manager and economic development director for San Jose.