Two-building apartment complex at 3896 Stevens Creek Boulevard, bird’s-eye view, concept. (TCA Architects)
SAN JOSE — Plans for a housing development that would produce more than 500 apartments moved forward after a real estate firm’s purchase of the project site at the corner of Saratoga Avenue in San Jose.
Canada-based Holland Partner Group, through an affiliate, paid $22.3 million for a 4.7-acre property at 3896 Stevens Creek Blvd., documents filed on Aug. 26 at the Santa Clara County Recorder’s Office show.
A group of local families, whose members include Joseph Rubino Jr., were the sellers in the transaction, county documents show.
Holland Partner Group aims to develop a two-building residential hub with a combined 575 apartments, according to planning files. The buildings would each be eight stories.
“Building 1,” which would have a frontage primarily on Saratoga Avenue near Stevens Creek, would include 264 units. “Building 2,” which would primarily front along Stevens Creek Boulevard near Northlake Drive, would have 311 units, city files show.
About 29 of the units would be restricted to people at very-low income levels.
In Santa Clara County, very-low income equates to $71,950 for one person and $102,750 for a four-person household, according to the state Housing and Community Development Department. The government agency also reports that the area median income for Santa Clara County is $143,850 for one person and $205,500 for a four-person household.
Plans also include the development of 13,600 square feet of retail space – Building 1 would contain 7,600 square feet and Building 2 would offer 6,000 square feet.
The developer also plans to offer other features.
“Approximately 25,000 square feet of amenity space will be included” in the project, the proposal states. Both buildings would contain a fitness center, co-working space, clubroom and a lobby, project plans show.
The property is within an area that is influenced by a special urban village vision crafted by San Jose city officials.
“Holland and the design team believe the proposal meets the intent of the Stevens Creek Urban Village Plan by significantly enhancing the pedestrian experience along the Stevens Creek and Saratoga frontages and creating new public gathering spaces that will give residents and visitors reasons to linger,” Holland Partner Group stated.
The developers intend to bulldoze existing structures on the property, including Hokkaido Buffet, a local restaurant.
Holland Partner Group previously envisioned an office, retail and fitness complex on the property. City planners approved the project, but economic conditions contributed to a shift toward housing.
“The site … was previously entitled for an 882,000-square-foot office and retail redevelopment, which, due to changes in market conditions, was unable to move forward,” the developer stated in prior filings with the city.