Mixed-Use Development to Replace Aging San Jose Office Complex

Miramar Capital has submitted plans to San Jose’s Planning Commission to replace an aging office and retail complex at 4300-4360 Stevens Creek Boulevard in West San Jose with 580 apartment units, a 250-room hotel as well as restaurants and shops.

The site, which is west of Kiely Boulevard and north of the 280 Freeway, currently includes three office buildings with ground-floor retail that were built more than 50 years ago.

The development, to be known as Stevens Creek Promenade, will feature three new multifamily buildings and underground parking. Miramar Capital is planning to designate 173 apartment units in the development as affordable housing.

Stevens Creek Promenade also will feature a hotel that will include 8.5K SF of retail space and restaurants as well as an underground parking garage.

To make way for the development, three office buildings built in the 1970s will be demolished and Lopina Way, which currently is straddled by the property, will be rerouted to the eastern edge of the property and replaced with a pedestrian walkway.

Miramar is planning to retain two one-story commercial buildings on the property and fold them into the development.

The aging office property was acquired by FortBay in 2016 for $53M. FortBay received approval from the city to build two apartment buildings, a 233K SF office building and a parking garage on the site.

Miramar bought the property and development rights from FortBay in 2020 for $54M.

In 2017, San Jose declared the area an “Urban Village,” a designation intended to bring up to 4,000 new homes to the neighborhood, and the city gave Stevens Creek Promenade its “signature project” approval for high-density, market-rate residential developments in a proposed urban village.

Earlier this month, San Jose bestowed urban village project designations to two other developments.

NY-based Kimco Realty has filed plans to redevelop 18-acre Cambrian Park Plaza, a 70-year-old strip mall in the suburbs of West San Jose, into a village with a hotel and hundreds of apartments, shops, restaurants and shops.

The designation also was given to San Jose-based Republic Urban Properties’ plan to build a mixed-use development including affordable housing at 605 Blossom Hill Road.

The Blossom Station Hill development will include a six-story building and a five-story apartment complex on a Valley Transportation Authority light rail station parking lot east of Highway 85 and Blossom Hill Road.