Cypress Equities, Life Time to Build Mixed-Use Asset in San Jose
The project will include office space, ground-floor retail and a Life Time athletic resort.
Cypress Equities and Life Time Athletic have announced plans for a mixed-use development in San Jose’s West Valley.
The project will comprise two buildings: The Boulevard, a Class A office project, and a Life Time athletic resort, totaling just over 400,000 square feet of new construction. Developers have received full approvals from the City of San Jose and expect to break ground in the fourth quarter. Project completion is estimated in late 2023.
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CBRE Senior Vice Presidents Shane McNulty and Mike Grado will handle marketing and leasing efforts for The Boulevard. Developers hired HKS for architectural services.
The Boulevard will total 284,000 square feet of office space and is designed to meet LEED Silver standards. Developers opted for a wellness-focused design, set to include open atriums, break-out balconies, outdoor living rooms, an event space on the rooftop deck and a half-acre outdoor meeting and dining area. The building is also set to feature on-site storm water management and a bio-retention system. A 16,000-square-foot retail component and a 1,200-stall parking garage will also be included.
The Life Time athletic resort will be a three-story, 120,000-square-foot facility adjacent to the office building. It will include studios and a fitness floor, as well as outdoor fitness areas and a rooftop pool. In addition, the resort will feature a spa, a café, and a Kids Academy.
Stevens Creek Urban Village
The Boulevard will be located at the corner of Stevens Creek Boulevard and Saratoga Avenue. The City of San Jose has designated the southern side of Stevens Creek—between Lawrence Expressway to the west and Winchester Boulevard to the east—as the ‘Stevens Creek Urban Village’ development plan, adopted in 2017 to provide guidelines and guidance for the area’s growth. The official document calls for a transition to “a mixed-use and pedestrian-oriented place that supports and creates a safe environment for all modes of travel, a thriving commercial corridor, and public gathering places.”
Cypress Equities owns the properties associated with 3086 Stevens Creek Blvd., according to CommercialEdge, where it will develop the mixed-use project. The site’s location provides access to several shopping, dining and entertainment destinations within walking distance. Downtown San Jose is approximately 7 miles away.
“The development will provide pedestrian friendly ground-floor retail space, new 30-foot-wide landscaped sidewalks and secured bike storage,” said Cypress Equities CEO Chris Maguire, in a prepared statement.
In a recent report, CBRE identified San Jose as a top city for office development opportunities, among 50 other U.S. markets, based on construction costs, strength of existing supply, prior performance and forecast. The return to the office will most likely be led by the tech sector, benefiting office markets that are anchored by tech firms.
The Bay Area office market reached a total vacancy of 19.3 percent as of March, the latest CommercialEdge report shows. There were more than 4 million square feet of office space under construction in the Bay Area as of the first quarter, the same report shows. One of the largest projects currently underway in San Jose is Adobe North Tower, slated for completion next year and totaling 700,000 square feet of office space.
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