The five parcels to be redeveloped are located throughout the San Jose central business district, with the largest being a 5.1-acre property at Santa Clara and First streets. Three parking lots also are on the list: a 3.7-acre lot at Second and San Fernando, a 1.2-acre lot on Fountain Valley near Second Street, and a 37,000-sf lot between Second and Third. The fifth site is a 23,000-sf property with four historic buildings on it at San Fernando and First.
Separately, the City is negotiating with CIM for the interior renovation of the historic Twohy building on South First Street. In exchange, CIM is to receive the building for nothing and $1 million in a municipal subsidy. The developer is to maintain the buildings current use for restaurants on the ground floor, with renovation to convert the upper floor floors into office space and 32 residential units.
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