Thursday evening representatives from the developers of The 88 project and City of San Jose Redevelopment Agency held a meeting with members of the community regarding the status of downtown San Jose’s next residential high rise building, The 88, and proposed changes to phase II of the overall project known as Central Place. According to representatives from Wilson Meany Sullivan, one of the developers of The 88 along with CIM Group and Stockbridge Real Estate Funds, construction on The 88 is on schedule for a completion date in May 2008. To date, the exterior skin is 95% complete, the construction crane has been dismantled, and interior finishes are currently in progress.
The next construction steps for The 88 include finishing work on the 5th level outdoor platform area, which consists of the pool, spa and barbeque area, and completing the stone cladding and plaster on the street level storefronts and levels 1-5. Another construction milestone is the removal of the exterior material and personnel hoist which is slated for mid-February. Street improvements surrounding The 88 is also set to begin in February.
At the street level of The 88 there will be approximately 32,000 square feet of retail space. Developers for The 88 stated that they are currently in talks with several retailers for the spaces but that no commitments for leases have been obtained yet. One community member in attendance voiced his preference for a bookstore such as Borders or Barnes & Noble to be a tenant. The developers indicated that discussions were ongoing with a national bookstore retailer. Restaurants and a coffee shop would also seem to be ideal tenants for the retail space. What types of tenants would you like to see occupying the retail space?
A sales office is expected to open by the end of March 2008 with two models available to preview.
The second topic for discussion at the meeting was the changes proposed for the second tower of the Central Place project. The developers are seeking to amend the site permit to allow architectural modifications to the second tower which is slated to be located between The 88 and the Repertory Theater. Original plans for the second tower are for a mirror image of The 88 but proposed modifications would include a conceptual re-design of the tower. Other proposed changes for the second tower of Central Place include adding an additional floor to the building (but keeping its current proposed height) and reducing the amount of retail space.
Height . . . . . . . . . 270 feet . . . . . . . 270 feet
Stories . . . . . . . . . 22 . . . . . . . . . . . 23
Residential Units . . 205 . . . . . . . . . . 204
Retail Area . . . . . . 31,030 sq. ft. . . . . 26,000 sq. ft.
Open Space . . . . . 14,436 sq. ft. . . . . 18,387 sq. ft.
Parking Stalls . . . . . 226 . . . . . . . . . . 312
Loading Docks . . . . One . . . . . . . . . Two
All of the proposed parking will be above-ground. The second phase of the Central Place project would also include a 40-foot walkway between the second tower and the Repertory Theater. Construction of the second tower is anticipated to begin approximately 13-14 months after completion of The 88.