Approved 298 Unit Student Housing Development
Approved Student Housing Development | 0.98 acres
Marketing description
Marcus & Millichap is pleased to present an exceptional land development opportunity in the heart of Downtown San Jose, California. This ±0.98-acre site is strategically positioned within the Downtown Existing General Plan area and is currently zoned Commercial General, offering significant potential for a high-density, mixed-use development tailored for student housing.
The approved development concept envisions a 23-story building reaching a maximum height of 250 feet to the top of architectural features. Plans allow for the construction of 298 residential units, catering to the significant student population in the area, and 8,423 square feet of retail space. This provides convenient amenities for both the future residents and the surrounding community. The unit mix includes 135 two-bed/two-bath units, 95 three-bed/three-bath units, and 68 four-bed/four-bath units, designed to maximize occupancy and appeal to the student demographic.
The development plans also incorporate ample parking with 287 car spaces (a ratio of 0.96 cars per dwelling unit) and 426 bicycle spaces (a ratio of 1.43 bikes per dwelling unit), acknowledging the transportation needs of students. Furthermore, the project includes common open space of 73 square feet per dwelling unit, providing valuable recreational and social areas for residents. The permit will also allow for the relocation of two existing single-family homes and the removal of seven trees, paving the way for this transformative development. This is a prime opportunity to capitalize on the demand for student-preferred housing in a vibrant downtown location.
Investment highlights
Approved for High-Density Mixed-Use (Student Preferred): Permits a 23-story building with up to 298 residential units and 8,423 SF of retail
Prime ±0.98-Acre Downtown San Jose Development Site: Exceptional opportunity in a high-demand location within the Downtown Existing General Plan area
Approved Relocation/Removal Permissions: Includes permits for relocating two single-family homes and removing seven trees, streamlining the development process
Strategic Unit Mix & High Density (304 DU/Acre): Includes a mix of 2, 3, and 4-bedroom units designed for student housing with significant density potential
Ample Parking & Dedicated Open Space: Features 287 car parking spaces (0.96/DU) and 426 bike spaces (1.43/DU), plus 73 SF/DU of common open space
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