SAN JOSE — A big mixed-use complex in west San Jose has chugged forward with the purchase of properties the project’s developers need to build a new office, housing, and retail center on Stevens Creek Boulevard.
An affiliate linked to Miramar Capital Group has bought a choice site on Stevens Creek Boulevard between Palace Drive and Kiely Boulevard that will provide the land for the development of the project, according to Santa Clara County public records.
Stevens Creek Promenade, as the development is known, is expected to dramatically change that section of western San Jose by adding modern offices that could be suitable for a tech company, as well as new homes, including affordable residences, and local retail outlets.
Santa Monica-based Miramar Capital Group, acting through affiliate MPG Stevens Creek Owner, paid $54.5 million for the property, county documents show.
The seller was an affiliate of Fortbay, a Los Gatos-based development firm that steered the project through the city approval process. The Fortbay affiliate paid $53 million in 2016 to obtain the development site. The city approved the proposed project in 2019.
“It’s exciting to see such a well-capitalized group like Miramar take a strong interest in this part of San Jose,” said Bob Staedler, principal executive with Silicon Valley Synergy, a land-use consultancy.
The development is expected to add at least 233,000 square feet of office space, up to 582 residential units, of which 88 would be affordable dwellings, along with about 10,000 square feet of ground-floor retail.
“This project fits the vision of a vibrant development where people can live, work, and play in an urban village setting,” San Jose Mayor Sam Liccardo and Vice Mayor Chappie Jones stated in a February 2019 memo about the project. “It will also serve as a catalyst for future growth along Stevens Creek Boulevard.”