By Ariela Moraru
Investors are taking note of the strong San Jose housing demand. Western National Group purchased a 6.5-acre parcel of land from Berryessa Properties LLC, owners of the San Jose Flea Market. The company plans to develop up to 560 multifamily units and approximately 37,000 square feet of ground-floor retail space in Market Park San Jose’s North Village. The 120-acre, mixed-use, transit-oriented community adjacent to the Berryessa BART station in North San Jose is scheduled to open by the end of 2017. Borelli Investment Co. brokered the transaction.
The multi-building, mid-rise community will feature one-, two- and three-bedroom apartments and street-level retail stores and restaurants. With easy access to interstates 680 and 880 and Highway 101, the community is a one-hour drive from San Francisco and Oakland. The Berryessa BART station nearby is scheduled to open next month. Market Park San Jose is situated in an area with a population of 613,000 within a five-mile radius and a $100,000 average household income.
Project in the making
The mixed-use project debuted in 2013 when KB Home bought 10 acres for the construction of a transit village. In addition to the developments planned by Western National Group, the project also features:
- 449 townhomes and single-family residences previously built by KB Home or nearing completion;
- 100,000 square feet of supermarket-anchored retail space in a center scheduled for a 2019 opening;
- two city parks totaling approximately seven acres;
- South Village—a separate mixed use project to include an additional 1,818 residential units, up to two million square feet of office space across five mid-rise buildings, more than 40,000 square feet of retail space and 7,000 parking spots;
Western National Group’s project brings the total number of housing units at Market Park San Jose to more than 1,000 upon completion, with South Village still in a planning phase. Developer San Jose Flea Market will direct $5 million from sale proceeds to the City of San Jose Department of Parks, Recreation and Neighborhood Services to help pay for the two city parks, plus an additional $6 million for utility infrastructure improvements in Market Park’s North Village.
“The Market Park community is destined to become one of San Jose’s signature mixed-use developments,” Ralph Borelli, chairman of Borelli Investment Co., in prepared remarks. “With affordable housing, retail and restaurants, future office space, neighborhood parks, lush greenbelts and the Coyote Creek trail bisecting the community, this will be a uniquely welcoming and reinvigorating place to live.”
Borelli and Chris Anderson of Borelli Investment Co. acted as brokers for the transaction and are spearheading project leasing efforts.
Images courtesy of Market Park San Jose