Saturday, June 15, 2013

State selling 81-acre Agnews site in North San Jose

State selling 81-acre Agnews site in North San Jose (updated)

Real Estate Reporter- Silicon Valley Business Journal
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The state of California has turned down a $76 million offer for about 54 acres of land in north San Jose in hopes of luring a higher bidder.
The Department of General Services on Monday said it was seeking offers for the entire 81-acre site that makes up the former Agnews Developmental Center. The site is located at 3500 Zanker Road, in an area thick with buildings owned by Cisco Systems Inc.
By doing so, the state is essentially rejecting an earlier proposal from the Santa Clara Unified School District. The district and the city of San Jose had teamed up to offer $76 million for 54 acres of the state-owned land on which a new school and city park would have been built. The school district's contribution was pegged at $64 million, while the city had offered $12 million.
The school district said the school site was necessary to serve the thousands of new rooftops and their families that have emerged in the area over the last several years. Assemblymember Bob Wieckowski agreed, and introduced legislation that would have required the state and school district to reach a deal. That bill, AB 503, has since been amended instead simply to encourage both sides to strike an agreement, said Jeff Barbosa, Wieckowski's communications director.
Now the state has apparently decided to shop the site in its entirety more widely. DGS began accepting letters of interest on June 4, according to a news release, and interested buyers have until Oct. 3 to submit proposals for purchase and development.
The move comes as the state aims to sell off property to help pay down debt, officials said. The offering is currently the largest property being marketed for sale in California, officials said.
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Nathan Donato-Weinstein covers commercial real estate and transportation for the Silicon Valley Business Journal.

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