San Jose — A veteran real estate firm with a nationwide reach has purchased the real estate it needs to launch an exciting development that will add an office tower and sports resort to a prime location in San Jose.
The Boulevard, as the project is called, is getting closer to reality now that developer Cypress Equities has purchased parcels on the southeast corner of Stevens Creek Boulevard and Saratoga Street.
The development will total 295,000 square feet, consisting of a 12-story office tower of 280,000 square feet and a gym and fitness center with a total area of 15,000 square feet, according to Cypress Equities.
Over the past four years, Cypress Equities has worked with San Jose city officials to craft a development that meets the needs of the neighborhood and city.
San Jose seeks to encourage the creation of urban villages that will create more densely populated offices and retail stores along Stevens Creek Boulevard.
“We couldn’t be more excited to bring this stunning new development to the city in our new urban village scheme,” said Chris Maguire, CEO of Cypress Equities.
The developer said Cypress Equities plans to launch construction sometime this summer.
The tower could attract one or more technology companies, which appear to be once again looking for new spaces to rent or own as they expand.
“Development on this site has been envisaged in this corner for some time,” said Bob Steedler, CEO of Silicon Valley Synergy, a land-use consultancy. “It’s exciting to see it come close to fruition.”
CBRE commercial real estate brokers Mike Gradeau and Shane McNulty have begun searching for office tenants. Sarah Edwards of SRS Real Estate Partners is looking for retail tenants.
“The project will begin the first development of the Stevens Creek Urban Village Plan approved by the City of San Jose to market the Stevens Creek Boulevard Trail,” Cypress Equities stated.
A key component of the development will be a sports resort, which will be a fitness center with a wide range of features and amenities.
“The sports resort will provide traditional health and fitness activities including group fitness classes as well as personal training and many family and children’s activities,” according to a marketing brochure prepared by CBRE.
Ground floor spaces for restaurants and shops are also expected to be part of the project.
“The project will make use of a half-acre outdoor recreation area, featuring a landscaped courtyard,” Cypress Equities said in an email to this news organization.
A yard and garden will appear at the corner of Stevens Creek and Saratoga. Besides the health club, an outdoor fitness area will be included in the project.
“The architecture and urban design are fantastic,” Stadler said. “The open space in the corner is a nice touch.”