San Jose — Veteran commercial real estate company has begun raising well over $ 1 billion in funding for three green towers in downtown San Jose, revealing a schedule for building ambitious projects Did.
Commercial real estate company Cushman & Wakefield aims to raise up to $ 1.5 billion to refurbish the historic tower of the Bank of Italy and develop two new towers, the Park Habitat office and the retail complex. And the skyscrapers of Orchard housing.
An alliance between the mega-developer Westbank and the local developer’s urban community is developing three towers in downtown San Jose.
Cushman & Wakefield says it seeks to raise $ 1.5 billion through a syndication approach that may involve a pool of funds to fund the project.
Dave Carson, Vice Chairman of Finance, Debt and Equity at Cushman & Wakefield, said: “It offers a lot of supply potential” for new offices and homes.
According to Cushman & Wakefield, the latest development schedule for the project is:
— Renovation of the tower of the Bank of Italy and new construction at 12 S. FirstSt: The ongoing refurbishment is expected to be completed in the summer of 2023. The project will include a new green staircase that turns south of a historic skyscraper. There is also a garden terrace on the east side of the tower.
— Park Habitat, an office and retail tower at 180 Park Ave., will begin construction in April and is expected to be completed by the end of 2025. The eco-friendly office and retail complex totals 1.2 million square feet and features a range of gardens and greenery. Lungs that allow people to work in the park.
— 409 S. Second St.’s Orchard Residential is scheduled to begin construction this fall, but the date of completion is unknown. The project is being built next to the currently closed Bo Town restaurant grounds and will maintain the structure of the famous restaurant.
All three projects feature gardens and widespread use of greenery. These are the three towers that Westbank calls San Jose’s “Net Zero” downtown campus, and developers want to be carbon-neutral and environmentally friendly.
As the era of coronavirus continues, Westbank and the urban community are attracting residents and office tenants to downtown San Jose projects as their promotion to provide people with a way to work in gardens and parks and live in green towers. I hope it helps.
“We believe that differentiating NetZero products in this way creates extraordinary investment opportunities,” Carson said.
Westbank and Urban Community are developing projects that can change the way Silicon Valley approaches new office hubs and residential towers.
Andrew Jacobson, Vice President of US Development at Westbank, said: “We designed all the projects in our initiative with that in mind.”
Overall, Westbank and the Urban Community have proposed seven major projects in downtown San Jose. Among them are three towers that are required to raise $ 1.5 billion. The seven projects include both offices and housing.
Seven Westbank projects in downtown San Jose are expected to create a total of 4 million square feet of office space (equivalent to shopping malls in two or three major regions) and 1,000 rental housing.
“We are confident that the first three projects will create value after San Jose,” says Jacobson. “We look forward to working with investors who share our commitment to support the future growth and success of the city through this type of project.”