Derek Hunter Jr.
Today, transit-proximate land sites are among the most popular for new development—but what is a developer to do when transit isn't proximate? Hunter Properties expanded a train station at its Coleman Highline project in San Jose to provide comprehensive transit access. Derek Hunter Jr., president of Hunter Properties, discussed the project at the Allen Matkins View From the Top conference this week at the Beverly Hilton.
The Coleman Highline features 1.5 million square feet of office spanning eight buildings as well as two hotels, retail and 1,600 apartments on the Santa Clara/San Jose border and a soccer stadium. The site is adjacent to the San Jose Airport and houses a train station; however, the station serviced only South Santa Clara. After negotiations with the surrounding cities, Hunter was able to add CalTrain, BART and Amtrak service, and built a station and tunnel to support the new lines. The developer, impressively, built the new station in only five days. "Then, we were in business," said Hunter in its presentation.
Transit access has become crucial to a new development, and the Coleman Highline is a perfect example. According to Hunter, it can have a major impact on a property, particularly in Northern California, with the ability to capture a 20% increase in rents.
In addition to transit, Hunter added a highline at the third level of the project throughout the campus, changing the view and the elevation of the property. "We had the challenge of making a modern office in a suburban area next to an airport," he said at the event. "We came up with idea of the highline. It starts to connect the horizontal plan three levels up. It gives you a chance to link in, and changes the view and perspective as tenants walk through the campus."
Hunter is under construction on a soccer stadium at the property and has completed and leased three of four office buildings on the site. The fourth office building will feature 650,000 square feet of space and leave remaining land for 400,000 square feet of growth.
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Kelsi Maree Borland
