For those of you not familiar with the area, Santana Row is a trendy upscale shopping, entertainment and residential district across the street from the Valley Fair Shopping mall. Many silicon valley residents, and tourist, go there from time to time for shopping and dinning. It has become something of a source of pride for the valley and has increased property valleys of nearby homes.
The area has become so popular that other developers, such as the one talked about in the article below, want to build in or near there to capitalize on its success.
A gas station across from Westfield Valley Fair could sprout a new use: Hospitality.
Developer Tony Baig's VillaDevelopers Inc. is proposing an 11-story hotel on the half-acre site at 2850 Stevens Creek, according to planning documents filed this week. The project would include 173 guest rooms and a top-floor restaurant and balcony overlooking the area, which is San Jose's main retail node.
This is the latest potential addition to the Santana Row/Valley Fair neighborhood. Mall owner Westfield is embarking on a $600 million expansion to Valley Fair following the completion of a giant new parking garage last year. Federal Realty Investment Trust, which owns Santana Row, is bulking up its office space both at Santana Row and across the street, at the old theater complex called "Santana West."
Then there's Volar, a proposed 25-story residential tower at 350 S. Winchester Ave.
Hospitality has been an especially hot market segment of late as developers look to profit from the boom in business travel in Silicon Valley. You can read more about that trend here.
There is currently no brand associated with the new hotel proposal, said Henry Cord, with development consultant Cord Associates, who is working with Baig. Two possible flags include Hilton's new Canopy brand and Choice Hotels' Cambria.
The project site is pretty small, so parking would be tucked into the building above grade on floors two through five. Guest rooms would be on floors six through 10.
The project is just starting the city planning and approval process, but Cord told me that the plan is to begin construction in early 2017.
Source: Silicon Valley Business Journal, Nathan Donato-Weinstein
http://www.bizjournals.com/sanjose/news/2016/03/03/11-story-hotel-planned-for-santana-row-area.html?ana=e_du_pub&s=article_du&ed=2016-03-03&u=QP9J5%2Fn6AakdJoqHnLaUCw0cdac589&t=1457047062&j=71084342
No comments:
Post a Comment