San Jose Update

The Redevelopment Agency has issued its monthly report and while activity at downtown San Jose condos seems to be improving, sales continue to be extremely slow:

360 Residences – 0/213 Units Closed Escrow (but they are getting a Subway on the ground floor!)
Axis – 86/329U Closed Escrow
City Heights – 95/124 Units Closed Escrow
Tower 88 – 57/197 [...]

BAAQMD Seeking To Require Developers to Study Air Quality

The Mercury News reported yesterday on a proposal by the Bay Area Air Quality Management District that could require some housing developers to go study air quality as part of their entitlement process. According to the article, developments within 1,000 feet of major transportation corridors seem to be those affected.
The air district already has a [...]

Huge NASA Academic Development Deal Goes To TMG and Related

The billion dollar, 75-acre academic super campus envisioned for Moffett Field has moved one step closer to becoming reality as developers TMG Partners and Related have been named as the master developers.
Originally construction was anticipated to begin in 2012, with initial occupancy to take place in 2014. The ground lease for the project was signed back in [...]

Yahoo’s New 3M SF Campus

Let’s see:

13, 6-story Class A Office/R&D building

Phase 1 – 946,000 square feet
Phase 2 – 1,168,000 square feet
Phase 3 – 946,000 square feet

3, 2-story amenity buildings (gym, cafeteria, etc.)
29 acres of usable outdoor space
All parking is located underground, 2-levels to be exact

Architecture by RMW. This will perhaps be a nice project someday, but seems like just [...]

Nearly 20% of Construction Debt is Delinquent

There are a number of data providers who put out estimates for commercial delinquencies, so the numbers are not entirely consistent in news reports. Nevertheless, according to a Globe St. article and a local provider of data, 4.7% of commercial loans are past the 60-day delinquent mark, and increasing.
The total delinquency rate for commercial mortgages [...]

Trouble in San Diego for Jay Paul Company

Calculated Risk had another post up on commercial real estate, and it involves a project in San Diego called The Summit Rancho Bernardo. This is Jay Paul Company’s southern California version of Moffett Towers (or is Moffett Towers Northern California’s version of The Summit Rancho Bernardo?).
According to the project’s web site, the Summit RB is [...]

Vision North San Jose On Shaky Ground

The Mercury News is reporting that a new study has revealed the exact location of the Silver Creek Faultline, and it seems to be running directly through North San Jose. This is interesting because North San Jose is the area of the city where the city wants to see most get developed over the next [...]

Nailed: Italian Developer About To Lose Its Shirt

Bloomberg has a great article bringing together everything that has happened to Risanamento SpA. Back in 2000, the developer sought to create a huge expanse of offices, hotels, flats, and shops just outside the city of Milan. The company acquired a 300-acre piece of land, and began construction several years ago on the Santo Giulia [...]

Bill Halford of Bixby Land Company: Wait

There was a business journal article the other day discussing how tenants and buyers stand to gain from the slowdown in commercial real estate. The full article is here (although the article doesn’t really tell us anything interesting or new but I suppose it is something to write about in the absence of other commercial [...]

NVIDIA Gets Go Ahead to Build 2M SF Campus in Santa Clara

Santa Clara-based NVIDIA (NVDA: 17.25 -1.20%) has received city council approval for the construction of a nearly 2M square foot campus on the site of the current San Tomas Business Park which it acquired earlier this year from Harvest Properties and Black Rock for nearly $150M. The site currently is 35.6 acres.
The City of Santa [...]