By D.C. Stribling, Contributing Editor
Hudson Cos. has obtained $63.8 million for the development of Vespaio, a seven-story mixed‐use project with 162 residential units and 39,042 square feet of retail and other commercial space. The property is at 138 Stockton Ave. west of downtown San Jose, Calif.
Besides the upper-level residential space, Vespaio will consist of three floors of commercial space fronting Stockton Ave. and two levels of structured parking. The community will include an amenity package on the third floor, with a business center, fitness center, resident lounge and test kitchen, gaming area, pool, spa and outdoor cabanas; there will also be a common-area rooftop deck with barbecues and a fire pit.
Vespaio is TOD
The property counts as transit-oriented development. It will be directly across the street is Diridon Station, which connects with regional transit access via Caltrain, Amtrak and the San Jose Light Rail. The station will eventually be served by the ACE bullet train and the future BART extension.
San Jose-based Hudson Cos. is composed of separate but related businesses with distinct specialties, including land acquisition, construction, asset management, and marketing. The company currently manages more than 500 apartment units and 300,000 square feet of commercial real estate.
PCCP LLC facilitated the senior loan. The project, designed by LPMD Architects, has commenced construction, with completion expected in 2019.