SAN JOSE — A mixed-use project that once was poised to bring huge changes to a San Jose site may undergo a fresh course correction by adding an auto dealership as the economy shifts.
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The Stevens Creek Promenade project, a few blocks from the Westfield Valley Fair commercial hub and the Santana Row mixed-use neighborhood, is undergoing a re-thinking.
When first proposed a few years ago, the mixed-use development at 4300 Stevens Creek Boulevard was envisioned as a hub for offices, apartments, shops, restaurants and a hotel.
Coronavirus-induced economic maladies, however, prompted the project developers to scrap the office component and add affordable housing. The hotel remained in this version of the plan.
Two real estate firms, Miramar Capital Group and Machine Investment, acting through affiliate MPG Stevens Creek Owner, are developing the property. The two firms also own the site.
The proposal is a preliminary review request to determine if it’s feasible to construct a new car dealership on 3.8 acres that are part of the development site.
The project would also move ahead with a previously approved apartment complex with 173 affordable residential units and another component consisting of 191 market-rate units.
A forbidding economic landscape has emerged for the Bay Area office market. Empty spaces, tech layoffs and feeble rents haunt office buildings.
Vacancy rates have soared to record-high levels and are particularly brutal in the fading San Francisco market, whose office spaces are well over one-third empty. Downtown San Jose and downtown Oakland also suffer from grim levels of office vacancies.
Loan delinquencies and foreclosures also haunt numerous Bay Area office buildings, further worsening the picture for the sector.
