BXP Pauses Platform 16 Project in San Jose
Project is across the street from Google's massive Downtown West project, which paused in April.
A 1M SF office project across the street from Google’s Downtown West development has joined its neighbor in pausing the project.
BXP, formerly known as Boston Properties, is pausing the Platform 16 project, which called for a three-building campus occupying a full city block along Guadalupe River Park . BXP has a 55% stake in the projects and expects to be a 50% partner in the future development of the site, TheRealDeal reported.
BXP is currently developing the first phase of the project and will pause construction after the completion of an underground parking garage and building foundation elements over the next few months. BXP remains committed to completing Platform 16 as the market improves, the company said in an email to TRD.
In April, Google halted work on perhaps its most public initiative in the US, an 80-acre Urban Village in the heart of Silicon Valley in downtown San Jose, a project known as Downtown West.
The pause, reported first by CNBC, also put on hold thousands of residential units and thousands of new offices that were planned as part of the downtown mega-project.
Throughout last year, the Mountain View, C-based tech giant insisted that it was preparing to break ground this year on the transit-oriented mixed-use development Google was planning to build in the neighborhood near Diridon Station.
According to CNBC’s report, Google gave no indication as to the length of the construction pauses on the project. The report cited unnamed sources who said they remain optimistic the urban village eventually will be built—perhaps not at the scale envisioned in the original plans.
Downtown West, was planned to include more than 4,000 homes, 7.3M SF of offices, 500K SF of shops and restaurants, as well as 15 acres of public parks.
The Downtown West village, with an estimated price tag of more than $19B, was expected to house 25,000 Google workers in a new neighborhood surrounding the planned Diridon Station, which will be built at the intersection of Amtrak, BART, Caltrain and new high-speed rail lines.
At the end of last year, Google began demolition work at the site in order to begin infrastructure improvements ahead of the development of the first phase of the new transit village.