"Two veteran real estate firms are eyeing a proposal to produce well over 400 homes at an office building site in San Jose in a fresh indication that housing conversion efforts remain of interest to developers. The potential development site is at 3550 North First St. in San Jose, a property that is owned by an affiliate of LBA Realty, Santa Clara County real estate documents show."
"SummerHill has proposed development of 444 homes with a mix of densities, the planning files show. Of these residential units, 373 would be affordable apartments, and 71 would be for-sale townhome condominiums. LBA Realty bought the site in February 2025, paying $18.5 million for the office building and adjacent lots, public records show. The property is at the corner of First Street and Baypointe Drive."
SummerHill Homes proposes 444 residential units on a 5.9-acre site at 3550 North First St., San Jose, comprising an office building, adjacent parking lot and an empty field. The proposal calls for 373 affordable apartments and 71 for-sale townhome condominiums. LBA Realty affiliate owns the property after buying the office building and adjacent lots in February 2025 for $18.5 million in an all-cash deal from Analog Devices. The office building totals 76,700 square feet. LBA’s purchase price was 42.9% below the site's $32.4 million assessed value in January 2025. Developers are increasingly exploring office-to-housing conversions amid a weak office market.
#office-to-housing-conversion #affordable-housing #san-jose-development #commercial-real-estate-transaction
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