SAN JOSE — Hundreds of affordable homes could sprout at a San Jose site where a big retailer is slated to shut its doors as part of a wide-ranging closure of numerous stores that the merchant operates.
The project would be built on a site near the corner of Camden Avenue and Kooser Road in San Jose, according to documents on file with the city Planning Department.
An estimated 253 homes would be built on the property at 5407 Camden Ave., according to documents that real estate firm Valley Oak Partners submitted to San Jose city planners.
“Our preliminary application proposes a 100% affordable housing development, with one building having ‘family style’ larger units and a second building for seniors,” Valley Oaks Partners stated in its proposal.
CVS operates a retail store on the development site. CVS Caremark also owns the parcel where the project would be located.
In June 2022, the property’s assessed value was $5.5 million, Santa Clara County public records show.
The existing CVS store, which would be bulldozed to clear the land for the housing, is slated to close, Valley Oak Partners stated in its preliminary proposal.
“The property is in contract to be purchased by the applicant,” Valley Oak Partners stated in an Aug. 17 letter that the real estate firm wrote to city officials. The timing of the purchase wasn’t disclosed in the planning documents.
Rhode Island-based CVS revealed in November 2021 plans to close 900 stores nationwide starting this year.
“CVS Health will reduce store density in certain locations and close approximately 300 stores a year for the next three years,” the retailer stated in a prepared release at the time it disclosed its plans to shut the 900 stores.
The timing of the CVS store shutdown on Camden Avenue wasn’t disclosed in the city documents. The CVS store totals 25,000 square feet, according to the city proposal.
The market-rate building is expected to consist of 150 homes, including studios, and one-, two- and three-bedroom apartments, the planning proposal shows.
The senior-oriented housing is slated to include 103 units, including a manager’s residence. The senior residences would all be one-bedroom units.
Each building will include a community room, the planning documents show. The building with the senior housing will contain a fitness room.
“The senior portion would be 100% affordable and would not be associated with any licensed-type use, such as assisted living or memory care,” Valley Oaks Partners stated in the application.
Source: www.mercurynews.com