Inside look at One South market tower San Jose

Inside look at San Jose's next big high-rise, One South Market (Video)

John Eudy, executive vice president of development at Essex Trust, shares why the economics are right for his company's high-rise condo project 1 South Market in downtown San Jose during Tuesday's groundbreaking. (Nathan Donato-Weinstein, June 25, 2013)

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Lauren Hepler

Representatives for Essex Property Trust and the city of San Jose do the ceremonial groundbreaking on downtown apartment high-rise One South Market. Click here for the latest renderings of the new tower.

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Lauren Hepler

Economic Development Reporter- Silicon Valley Business Journal

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It's official; construction is now under way on the much-discussed 23-story One South Market apartment tower in downtown San Jose.
On Tuesday, real estate big wigs flocked to the corner of West Santa Clara and South Market streets, where Essex Property Trust is developing the $150 million high-rise residential project.
Check out the high-rise's look in the slideshow >>>>>>
Balfour Beatty Construction, the contractor on One South Market, is expected to hire about 500 workers to build the 312-unit tower on a .97-acre parcel.
"We believe in the vision for the future of San Jose," said Essex President and CEO Michael Schall at the groundbreaking. "We have choices where to invest. I think (One South Market) addresses the growing housing need in San Jose."
Schall called San Jose Mayor Chuck Reed "the catalyst for this investment" after the city in 2012 crafted new high-rise incentives that lower up-front developer fees to spur development.
"We have a lot of housing being built," Reed said Tuesday. "This is a big bite. Building towers is a risky business."
In addition to cutting construction taxes for qualified San Jose high-rise projects in half, the city's incentives reduce park fees, eliminate requirements for fire-control systems and guarantee that application reviews will take no more than 120 days (read more about the recently expanded initiative here).
City reports show that construction taxes would ordinarily be $1.56 million on the One South Market project but are reduced to $735,000 with the incentive. The tax revenue goes to the city’s Traffic Capital Program, which pays to maintain pavement.

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Lauren Hepler covers economic development, sports, and hospitality for the Silicon Valley Business Journal. She can be reached at 408.299.1820