Page Street Development Opportunity 541 Page St

Development opportunity for up to 36 condominium units or 36 apartment rental
units on two adjacent parcels: 529 Page Street & 541 Page Street in San Jose.
Within the Envision San José 2040 General Plan, both parcels are designated as
MUN (Mixed Use Neighborhood) and are zoned R-M (Residential Multifamily).
Both parcels are 13,335 SF for a total of 26,670 SF. The General Plan allows for 30
dwelling units per acre, with an allowable height of 3.5 stories or 35 feet. However,
by utilizing the State Density Law, the units can be increased by 50% by including
15% low affordable units and 15% moderate units. This allows for 36 dwelling
units at 7 stories, or 70 feet in height. State Density Bonus law also allows for
the project to push back on setbacks and required parking. Concept renderings
and floorplans are included in this document. These concepts have not been
submitted to the City of San Jose for approval. They are intended to provide the
developer with an idea of what might be accomplished within the General Plan,
Zoning, and State Density Law.
The properties currently have rental structures on them. 541 Page has four,
one-bedroom/one-bath units in the following structures: a duplex in the front
consisting of two, one-bedroom/one-bath units, and two cottages in the rear,
both which are one-bedroom/one-bath. All units are rented for an average of
$1703/month. 529/531 Page has two single family homes on the parcel. 529 Page
is a four bedroom/two-bath standalone structure rented at $3,255/month and 531
Page (a single family structure in the rear) consists of a three bedroom/two-bath
structure rented for $3,150/month. The structures were constructed more than
100 years ago, and due to the condition of the buildings, the changing nature of
San Jose, the high need for residential housing, and the proximity to the Google
Village Downtown Campus (1.7 miles), the two parcels are a prime redevelopment
opportunity.
There are 20 projects currently in the pipeline for redevelopment within 2 miles of
the site and 992,000 SF commercial site within 3 miles. There are, however, more
than 50 development projects in planning in the downtown core, and another 50
within a mile of downtown. Together, they represent thousands of new housing
units and millions of square feet of office potential.
The properties are located close to major Transit Corridors off of West San Carlos
Avenue and the commuter route of I-280. The properties are located in Midtown
San Jose in the Richmond-Menker neighborhood.
The two parcels are being offered together.