SAN JOSE — Several hundred new homes are expected to sprout in San Jose now that a developer has bought a key property slated for residential units near the downtown’s bustling San Pedro Square.
Seattle-based Intracorp has bought a site in downtown San Jose where the developer has approvals for construction of high-density homes, according to Santa Clara County property documents.
“This is a great location for dense housing and it’s going to be part of a new neighborhood north of San Pedro Square,” said Bob Staedler, principal executive with Silicon Valley Synergy, a land use and planning consultancy. “A lot of people are going to be interested in living in this area.”
Intracorp on Sept. 28 paid $10.3 million for a 2.4-acre site that fronts on Julian, Terraine and Bassett streets in San Jose.
Intracorp will develop 381 units, said Christine Johnson, Intracorp’s vice president of marketing and sales.
“It’s anticipated that these residences will be extremely dense with smaller units than we have normally seen in the area,” Staedler said.
Several different developers are expected to construct residential developments in this new neighborhood, which often is called North San Pedro Square. Two projects that together total about 64 units are underway.
All told, it’s anticipated that somewhere around 1,100 residential units will go up in the North San Pedro Square area.
“The Intracorp property is a great site and could really help transform this area,” Staedler said. “It’s a short walk to San Pedro Square and the restaurants, nightlife and everything that’s happening there. This is going to be a really exciting neighborhood.”
Intracorp has also obtained a $102.7 million construction loan from Bank of the West to finance the building of the units, county records snow.
“We are mobilizing for an immediate start of construction,” Johnson said.
