SAN JOSE, Ca.—March 10, 2004—Government officials and San Jose business and community leaders joined developer CIM Group today to celebrate the ground breaking for the Second and Santa Clara project, a mixed-use retail and residential development that is a vital piece of the Downtown redevelopment plan. The Second and Santa Clara project adds to the critical mass needed to redefine and energize the Downtown attracting new retail, housing and entertainment uses. It represents the first phase of CIM Group's "Heart of the City" development program, a catalytic endeavor to revitalize Downtown San Jose.
"Downtown San Jose is an attractive district with charming historic structures and an urban plan that focuses on creating a vibrant street life. Second and Santa Clara builds on this base, complements existing businesses and completes development of this key city block," said John Given, senior vice president of CIM Group.
The $31.7 million development will transform a surface parking lot into an inviting mixed-use complex, that will comprise three distinct uses: 31 apartments with six units set aside for affordable housing, 42 for-sale condominiums and 17,5000 square feet of ground level retail. Two levels of subterranean parking will provide 172 spaces, with the first level, to be owned by the city, designated as public parking to serve the district. The San Jose Redevelopment Agency is investing $7.8 million making it possible to provide public parking, affordable housing and create a quality environment that will attract first class retail and restaurants.
"We are taking another big step in partnership with CIM to bring more people to live and work in downtown San Jose," said Mayor Ron Gonzales. "We are making the heart of our city a successful model for encouraging urban living in an attractive neighborhood."
Second and Santa Clara is located on the existing parking lot between Second and Third Streets and Santa Clara and San Fernando Streets. It is the last undeveloped site on the block that includes the restored historic Jose Theatre/Improv Club and the new Century Commons apartments. SB Architects designed the project to reflect the style and architecture of the Downtown Historic District. Two buildings, each with a distinct architecture, were created to harmonize with the different environments along 2nd and 3rd Streets.
The development is comprised of two components - three levels of apartments built over one level of ground floor retail that opens onto Second Street, and an approximately five-story condominium building which is oriented toward Third Street.
Residences will be bright with natural light and many offering patios and balconies to enjoy the environment. The condominiums vary in style with live/work lofts on the ground floor, and both single level and townhouse styles above focused around a center, landscaped courtyard. Residents and guests will enter the apartments and condominiums at street level from a lovely pedestrian paseo that is being developed as part of the project and connects Second and Third Streets. Swinerton Builders is the general contractor and completion of the project is expected in fall 2005.
The next phase of CIM Group's "Heart of the City" development is planned a block away along San Fernando between Second and Third Streets. The company is proceeding with design for a mixed-use project with approximately 335 for-sale condominiums, 68,000 square feet of retail and approximately 570 parking spaces. Last year CIM Group completed its renovation of the historic Twohy Building in Downtown San Jose, creating 36 new loft-style apartments and 7,200 square feet of retail.
CIM Group, based in Los Angeles, is a full service real estate investor and operator organized in 1994 to revitalize districts of high population density, including the traditional downtown areas within large cities and the main street districts within towns and suburban cities. A leader in California's urban renaissance, the company has developed a premier portfolio of street retail and urban housing, office and mixed-use properties in California's most popular destinations. CIM Group is currently managing investments in Downtown Los Angeles, Hollywood Boulevard, Mid-town Los Angeles, San Pedro, West Hollywood, Anaheim, Huntington Beach, San Jose, Sacramento, San Francisco, and Washington, DC.
CIM Group manages the $676 million CIM Urban Real Estate Fund, formed with investments from the California Public Employees' Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS), to pursue urban infill projects.