"A grocery store and a restaurant are among the potential options for the ground floor of two downtown San Jose housing towers whose merchant spaces have never had a tenant. Nick Goddard, a broker with real estate firm Colliers, has begun to scout for tenants to fill about 32,000 square feet of empty commercial space at 188 West St. James St. This is a great location, one of the best downtown, said Goddard, a Colliers senior vice president."
"Still, tenants in these spaces could face some significant challenges, Staedler warned. These spaces will require a huge amount of tenant improvement dollars that need to come from the landlord, Staedler said. The market is not strong enough for a tenant to bear the full time and cost of what it would take to make these spaces usable. Staedler pointed to high-profile failures of restaurants, such as the abrupt exit and permanent shutdown of Rollati restaurant on East Santa Clara Street in August."
Two downtown San Jose housing towers at 188 West St. James contain approximately 32,000 square feet of unleased ground-floor commercial space. The spaces include 20,000 square feet directly beneath the housing units and a two-story adjacent building totaling 12,000 square feet. Broker Nick Goddard is seeking tenants and envisions options such as a bodega-style grocery, cheese and wine delicatessen, or a restaurant. The location benefits from nearby San Pedro Square foot traffic. Significant challenges include large tenant improvement costs that landlords may need to cover and a market too weak for tenants to absorb full build-out expenses, with recent restaurant failures cited as examples.
Read at www.mercurynews.com
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