Next apartment building in SJ isnt planned for you

 

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Aug 5, 2013, 7:58am PDT

Downtown San Jose's next apartment building isn't planned for you - it's for your kids

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Nathan Donato-Weinstein

The parking garage behind Vintage Tower would become student housing under a proposal from Symphony Development.

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Nathan Donato-Weinstein

Real Estate Reporter- Silicon Valley Business Journal

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While some apartment developers in Downtown San Jose are targeting the high-end, tech-worker market, Symphony Development is a little more Spartan focused -- literally.
The Southern California-based developer is targeting San Jose State students for its 119-unit apartment building slated for a parking garage behind Vintage Tower on North Sixth Street at East Santa Clara Street.
"It's becoming more and more popular to live near the school, and downtown San Jose has really improved," said David Hilliard, Symphony's CEO. "Students are wanting to live there. The school itself has also done a good job creating a more vibrant student life around campus, which started with its own development several years ago at the southeast corner of campus."

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Related: Downtown San Jose's residential future (slideshow)

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Symphony works in student housing, market-rate multifamily, mixed use and retail. One of its signature projects is West 27th Place, an upscale 161-unit, 150,0000-square-foot mixed-use student housing building next to the University of Southern California.
The parking lot, directly behind the 11-story, Art Deco-style Vintage Tower, is owned by First United Methodist Church, which is currently building a new home at the corner of North Fifth and East Santa Clara.
Symphony's plan is to build seven stories up, with construction complete in time for the 2015-2016 school year.
Hilliard said the company had been looking to do a deal here since 2011. Last year, it was the high bidder on a very high-profile parcel directly across from City Hall at 193 E. Santa Clara St. where a car wash now stands. But bureaucratic issues related to the city's transfer of property once owned by the redevelopment agency have put those plans on ice.
"We're still looking at that side, and we hope they still want to sell it to us," Hilliard said. "The city can't sell it until they jump through hoops required by the state."

Nathan Donato-Weinstein covers commercial real estate and transportation for the Silicon Valley Business Journal.