{"id":364615,"date":"2026-06-17T19:39:12","date_gmt":"2026-06-17T19:39:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/364615\/"},"modified":"2026-06-17T19:39:12","modified_gmt":"2026-06-17T19:39:12","slug":"real-estate-firms-eye-400-plus-homes-at-san-jose-office-building-site-2","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/364615\/","title":{"rendered":"Real estate firms eye 400-plus homes at San Jose office building site"},"content":{"rendered":"<p>SAN JOSE \u2014 Two real estate allies are floating a plan to develop well over 400 homes next to a San Jose train stop, a project that would replace a large empty office building with affordable apartments and market-rate houses.<\/p>\n<p>SummerHill Homes and Cypress Equity Investments are planning to build a 446-unit mixed-density residential community at <a href=\"https:\/\/www.mercurynews.com\/2025\/02\/18\/san-jose-office-economy-property-build-tech-real-estate-loan-develop\/\" target=\"_blank\" rel=\"noopener nofollow\">3550 N. First St.<\/a> in San Jose, said Kevin Ebrahimi, senior vice president of development with SummerHill.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" lazyautosizes lazyload\" alt=\"An office building at 3550 North First Street in north San Jose.(Cushman &amp; Wakefield)\" width=\"1200\" data- src=\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2026\/06\/SJM-L-SJNOFFICE-01-1.jpg\" \/>An office building at 3550 North First Street in north San Jose.\u00a0(Cushman &amp; Wakefield)<\/p>\n<p>The two real estate firms have obtained a contract to buy a 5.9-acre site that includes the vacant office building, a surface parking lot and some empty land.<\/p>\n<p>The housing development would consist of 373 affordable apartments for rent and 73 townhouse-style condominiums that would be for sale at market rates, according to Ebrahimi.<\/p>\n<p>\u201cThe apartment component will be 100% affordable housing, serving a range of income levels with an average affordability target of 60% of the area median income,\u201d Ebrahimi said.<\/p>\n<p>In 2026, the area median income in Santa Clara County was $205,500 for a four-person household and $143,850 for a one-person household, according to <a href=\"https:\/\/www.hcd.ca.gov\/sites\/default\/files\/docs\/grants-and-funding\/income-limits-2026.pdf\" target=\"_blank\" rel=\"noopener nofollow\">new income limits<\/a> posted by the state Housing and Community Development Department.<\/p>\n<p>This suggests the average income limit for the affordable housing at the 3550 N. First site would be $123,300 for a four-person household and $86,310 for one person.<\/p>\n<p>The housing project site is between Tasman Drive and Baypoint Parkway. It\u2019s across the street from the Tasman light rail station.<\/p>\n<p>LBA Realty owns the property. An LBA affiliate paid $18.5 million for the property in February 2025. That purchase price was 42.9% below the site\u2019s $32.4 million assessed value in January 2025.<\/p>\n<p>Jolted by a feeble office market, a growing number of developers are considering ways to convert their office properties to other uses, such as housing projects.<\/p>\n","protected":false},"excerpt":{"rendered":"SAN JOSE \u2014 Two real estate allies are floating a plan to develop well over 400 homes next&hellip;\n","protected":false},"author":2,"featured_media":364616,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[380,184,387,7,8,1335,383,1011,1337,1533,181,100,14293,388,88,90,89,5406,198,94685,200],"class_list":["post-364615","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-jose","tag-affordable-housing","tag-bay-area","tag-business","tag-california","tag-california-news","tag-development","tag-economy","tag-housing","tag-housing-development","tag-keywee","tag-latest-headlines","tag-news","tag-north-san-jose","tag-real-estate","tag-san-jose","tag-san-jose-headlines","tag-san-jose-news","tag-san-jose-real-estate","tag-santa-clara-county","tag-social-alert","tag-south-bay"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/364615","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=364615"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/364615\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/364616"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=364615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=364615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=364615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}