SAN JOSE — A downtown San Jose-area office assets that could be redeveloped as a housing job has been acquired by a South Bay authentic estate team.
The team paid out $5.3 million for the internet site, which is situated at 380 N. Very first Street, according to documents located at the Santa Clara County Recorder’s Place of work.
The new entrepreneurs of the assets are organizing to create at the very least 100 units of housing on the website.
The website is positioned in an option zone, which are geographic locations that supply tax benefits to individuals who commit in homes that are substantially redeveloped.
“I like the area, the community and the chance zone,” stated Mostafa Aghamiri, a Silicon Valley tech government who is leading the ownership and improvement team for the web site.
The getting team purchased the residence by way of an all-cash deal, the county documents show. The transaction was arranged through brokers Ty Ataei and Ralph Borelli, the two veterans of South Bay genuine estate.
“The owner is considering of acquiring 100 to 118 models at the web page,” mentioned Ataei, a Campbell-primarily based Realty A person Team Infinity broker who represented the purchaser. “It would be 7 tales.”
The house is subsequent to a mild rail line which is a couple teach stops absent from the Diridon Station place where Google plans to construct a combined-use neighborhood.
“The residence is a wonderful site, it has frontage on three sides,” reported Borelli, chairman of San Jose-dependent Borelli Investment decision Co., which represented the vendor.
The internet site totals .5 acres, in accordance to data files at the County Assessor’s Business.
“The 380 North Very first website is extremely difficult owing to its small acreage and currently being narrow,” claimed Bob Staedler, principal executive with Silicon Valley Synergy, a land-use consultancy. “Iamesi Village that just opened is 135 units and on around an acre.” The Iamesi Village residential progress is at 201 Bassett St.
The just-purchased 380 N. Initially St. web-site has frontage on North To start with Avenue, Bassett Street and North 2nd Avenue, county community documents clearly show.
“The residence is close to downtown San Jose, it’s in an opportunity zone and Google is close by,” Ataei explained.
Aghamiri’s tech knowledge features founding ITRenew, a Silicon Valley corporation that provides software program to wipe information and also can help shoppers to dispose of unwanted information and facts technological innovation property.
“The new owner is exploring new alternatives in Silicon Valley and wants to carry his skills to genuine estate,” Ataei said.