SAN JOSE — Scores of homes could sprout on a commercial property site near downtown San Jose, according to documents on file with city officials.
A proposed 166 residences are slated to be built at 802 S. First St. at the corner of Virginia Street in San Jose, the planning documents show.
Maracor Development is heading up the residential project, according to Erik Schoennauer, a consultant for Maracor, which is a San Francisco-based real estate firm.
The development site totals 1.2 acres and consists of five parcels. The properties are owned by D’Amico Tire Service Co. and by family trusts headed up by Jim D’Amico and Marlene D’Amico, Santa Clara County property records show.
Borelli Investment Co., a veteran San Jose-based real estate firm, has been working with the D’Amico family to find the site a buyer, which is Maracor Development. The D’Amico family has owned the property for 75 years. D’Amico Tire Service was the original occupant of the site, said Ralph Borelli, chairman and principal executive with Borelli Investment.
“The project site is currently developed with a vacant commercial building with a surface parking lot, and one- and two-story warehouse buildings used for storage, a city planning report states. The commercial building contained a Wheel Works store.
The project is also expected to include 1,500 square feet of ground-floor retail, which might be enough space for an operation such as a coffee or similar operation.
“The property is located in an opportunity zone which provides favorable income tax benefits to the builder,” Borelli said. “The location is with walking distance to the downtown core.”
The existing buildings will be demolished to clear the way for the six-story apartment complex, which will have frontage on South First Street, East Virginia Street and South Second Street.
Under the purchase agreement, the D’Amico family will continue to own the land, while Maracor will lease the land from the D’Amico group. Maracor will own the apartment complex that would be developed on the site. The D’Amico family provided Maracor with a 99-year lease for the land beneath the future building.
“The subject combined site is designated transit residential,” the planning documents state. “This is the primary designation for new high-density, mixed-use residential development sites that are located in close proximity to transit, jobs, amenities, and services.”
Source: www.mercurynews.com