Nabr’s plan for the towers included allowing people to customize their unit within a lease-to-own agreement but economic uncertainty overall may have played a role in their withdrawal.
is in limbo after a tech investor decided to pull out. Local real estate and economic experts say competition from other cities may be a factor.
Three downtown San Jose towers to be located on South 2nd and 3rd Streets and spearheaded by real estate development firm Urban Community, are in need of a new investor. Startup tech firm Nabr decided to withdraw from the projects and returned deposits to applicants. Abby Raisz is a Sr. Research Manager with the Bay Area Council Economic Institute.
Nabr’s plan for the towers included allowing people to customize their unit within a lease-to-own agreement but Raisz says economic uncertainty overall may also have played a role in their withdrawal. Some retail projects are also experiencing delays throughout the Bay Area. The Newmark Group manages the Sixth & Jackson Apartments in San Jose and says construction costs and development timelines in conjunction with city timelines have caused delays with potential retail tenants at the property.
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