An office tower proposed for a prime site in downtown San Jose near Google’s future transit village awaits final city approval amid the tech slump.
SAN JOSE — An eye-catching office tower proposed for a prime site in downtown San Jose near the future footprint of Google’s transit village awaits final city approval even as the tech slump haunts the region.
Imwalle Properties proposed the office highrise and has been steering the project through the city approval process. The city has scheduled a planning director’s hearing for next week that could produce a final approval for the development. “With the way the economy is now, this building won’t be coming out of the ground any time soon,” Imwalle said.
Google, however, recently revealed that it has launched a reassessment of the timeline for when it would begin and complete the first phase of the new transit-oriented neighborhood. San Jose officials have told Joint Venture Silicon Valley that sales tax revenue, specifically in the downtown district of the Bay Area’s largest city, is only at about 35% of what the revenue was prior to the pandemic, according to Russell Hancock, president of the think tank.
“We are seeing the effects on our downtowns,” Hancock said during a recent presentation to discuss the index. “The downtowns are where we are seeing a crisis.”
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