SAN JOSE — A number of homes could be built on commercial land near downtown San Jose, according to documents filed with city officials.
Planning documents show that the proposed 166 homes will be built at 802 S. First St. on the corner of Virginia Street in San Jose.
Maracor Development is leading the housing project, according to Erik Schoennauer, a consultant at San Francisco-based real estate firm Maracor.
The total development area is 1.2 acres and consists of 5 lots. The property is owned by D’Amico Tires, his service company, and a family trust headed by Jim D’Amico and Marlene D’Amico, Santa Clara County property records show.
Borrelli Investments, a veteran San Jose-based real estate firm, is working with the D’Amico family to find a buyer for the land, which is Malacor Development. The D’Amico family has owned this property for 75 years. Ralph Borelli, chairman and chief executive officer of Borelli Investments, said D’Amico Tire Services was the site’s original occupier.
“The project site is currently being developed with a vacant commercial building with above-ground parking and one- and two-story warehouse buildings used for storage, the city planning report said. The building contained a Wheel Works store.
The project is also expected to include a 1,500 square foot ground floor retail store. This could be enough space for operations such as coffee and similar operations.
“This property is located in an opportunity zone that offers favorable income tax benefits to builders,” said Borelli. “Location is within walking distance to downtown.”
The existing building will be demolished to make way for a six-story apartment complex with front doors on South First Street, East Virginia Street, and South Second Street.
Under the purchase agreement, the D’Amico family will continue to own the land and Maracor will lease the land from the D’Amico group. Malakor will own the apartment complex that will be developed on the site. The D’Amico family offered Maracor his 99-year lease on the land beneath the future building.
“The subject complex site has been designated as transit housing,” the planning document said. “This is a prime designation for a new high-density mixed-use residential development site located in close proximity to transportation, jobs, amenities and services.”