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Hundreds of affordable homes are being eyed at San Jose retail site

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SAN JOSE — Hundreds of affordable homes could sprout at San Jose sites where the major retailer plans to close its doors as part of the widespread closure of dozens of merchant-operated stores.

According to documents filed with the City Planning Office, the project will be built near the corner of Camden Avenue and Coosar Road in San Jose.

An estimated 253 homes will be built on the 5407 Camden Avenue site, according to documents submitted to San Jose city planners by real estate firm Valley Oak Partners.

Valley Oaks Partners said in its proposal, “Our preliminary application is for one building to have a ‘family-style’ larger unit and a second building to be a 100% affordable senior-friendly property. A housing development is proposed.

A total of 253-unit residential development located at 5407 Camden Avenue in San Jose, including family housing in the left building and senior housing in the right building. (Studio T-SQ)

Affordable housing is often defined as apartments rented to people whose median income does not exceed 80% of the median household income in the area. For San Jose, the U.S. Census Bureau estimates that 80% of the median household income of about $117,300 in 2020 means he won’t exceed $93,840 for a family to qualify for an affordable apartment. Become. If affordable housing development is offered at a limit of 50% of median household income, a cap of $58,560 is created.

Bob Staedler, principal executive of Silicon Valley Synergy, said: “This is a great way to distribute housing throughout the city of San Jose. This trend will continue.”

CVS operates a retail store on the development site. CVS Caremark also owns the lot on which the project is located.

In June 2022, the property was valued at $5.5 million, Santa Clara County public records show.

An existing CVS store that will be bulldozed to clear the land for housing will be closed, Valley Oak Partners said in a preliminary proposal.

“The property is under contract to be purchased by the applicant,” Valley Oak Partners said in an Aug. 17 letter from the real estate company to city officials. The timing of the purchase was not disclosed in the planning materials.

Rhode Island-based CVS revealed in November 2021 that it plans to close 900 stores nationwide starting this year.

“CVS Health will reduce store density in certain locations and close approximately 300 stores annually over the next three years,” the retailer said in a release prepared as it announced plans to close stores. .

The timing of the closure of the CVS store on Camden Avenue was not disclosed in city documents. According to the city’s proposal, the CVS store will total 25,000 square feet.

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