"The City Council has approved the $13.5 million acquisition of 447 S. Almaden Blvd a 3.56-acre parcel located between the convention center to the east and Discovery Meadow and the Children's Discovery Museum property to the west after BXP, formerly known as Boston Properties, put the site up for sale in the spring after abandoning its development plans."
"Securing this property will provide greater flexibility for the city as we consider a range of possibilities, including potential convention center expansion or other sports and entertainment district uses such as a flagship hotel, retail, restaurants, arts and cultural venues, or other gathering spaces, said Kevin Ice, the city's director of real estate."
"A development agreement had initially required three high-rise office buildings to be built in phases before the city approved modifications in 2021 that included two connected 16-story office towers with a total of 2.05 million square feet, comprised of 1.4 million square feet of office space, 37,603 square feet of retail and amenity space and underground parking."
San Jose will acquire the 3.56-acre parcel at 447 S. Almaden Blvd for $13.5 million. The site sits between the convention center to the east and Discovery Meadow and the Children’s Discovery Museum to the west. BXP, formerly Boston Properties, owned the parcels since purchasing them from the Redevelopment Agency in 2000 and put the site up for sale after abandoning prior development plans. The lot was developed as a parking lot in 1993 and remains leased to the city. Prior proposals called for large office towers totaling roughly 2.05 million square feet. The sale attracted multiple bidders amid a weak office market, and securing the site gives the city flexibility to pursue convention center expansion or create a sports and entertainment district with hotel, retail, restaurants, arts and cultural venues, and other gathering spaces.
Read at www.mercurynews.com
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