The property is an excellent development site directly across the street from the San Jose City Hall. Given the zoning designation of Downtown Commercial, the site allows for office, housing, retail uses preferably in a mixed-use capacity. A high-density development of the site would conform to the San Jose 2040 General Plan.
There have been three development proposals on this site. The property was
purchased by the former Redevelopment Agency as part of the Civic Plaza Project
that envisioned a Symphony Hall on the site. Due to a downturn in the economy,
the Symphony Hall project did not proceed.
On June 16, 2011, the former Redevelopment Agency entered into a Purchase and
Sale Agreement to sell the property for $3,500,940. The Developer explored
building high-density residential towers on the site. The Purchase and Sale
Agreement was subsequently terminated prior to any sale.
On November 9, 2012, the Successor Agency solicited offers to purchase the
property. On December 3, 2012, the Successor Agency received three offers to
purchase the property with the highest offer of $4,250,000. The highest bidder
planned to construct housing on the site. Due to the AB 1484 requirement that a
LRPMP be approved by the DOF prior to the disposition of property, the
Successor Agency rejected all offers to buy the property.