By Jon Peterson
San Diego-based Fairfield Residential is now going through the approval process for its mixed-use development in downtown San Jose called Marshall Squares.[contextly_sidebar id=”cCAIqYtl0TuYDaGm1FV4uYpWO3Oqro2E”]“We think that downtown San Jose is a very attractive market for new residential units. There is a great deal of demand from residents who work there or in other areas of Silicon Valley,” says Ed McCoy, vice president of development for Fairfield Residential. He works out of the company’s corporate office in San Diego.
He declined to say what the construction cost of the project will be. The company will be arranging traditional construction financing for the development. Some of the equity for this development could be coming from the California State Teachers Retirement System (CalSTRS). This pension fund is a partial owner of Fairfield Residential.
According to a document from the city of San Jose, construction is anticipated to occur over 28 months. It would be starting in July of this year with a planned completion date in October of 2017. The project site encompasses six commercial buildings with addresses located at 50, 52, 60, 66, 80 and 90 North 1st Street and 65 North 2nd Street. These will be demolished to make way for a new structure that would sit on the block between North 1st and 2nd streets.
Santa Clara Valley Transportation Authority light rail lines are located on North 1st Street and North 2nd Street, which would allow the residents to easy access to public transportation. A portion of the project site is located within the St. James Historical District, which was listed on the National Register of Historic Places in 1979.
The new development will be for a total of up to 195 apartment units, 9,397 square feet of retail, 7,984 square feet of ancillary and amenity uses and a parking facility.
There will be three kinds of apartment units, according to the documents produced by the city of San Jose. 56 units will be with studios ranging in size from 518 to 697 square feet. The most number of units will be with one-bedroom units. These 81 units will range from 710 to 953 square feet. There will also be 58 two-bedroom units from 1,094 to 1,358 square feet. The units will be placed on floors two through seven of the project.
The retail part of the development is planned to have room for a café and other kinds of local retail that would service the inhabitants of the building. The ancillary and amenity uses will be a leasing office on Level 1 and a gym and amenity room on Level 3.
The parking facility will have a basement and two above-ground floors. It would contain a total of 254 interior parking spaces. This would be split up with 195 spaces for the residential units, 20 guest parking spaces, 39 spaces for use by the retail/customers and an on-site leasing office. The interior parking will also have 52 motorcycle parking spaces and 53 bicycle parking spaces.
There are two architects involved in the development. These are Irvine-based TCA Architects handling the design and HMHca of San Jose as the landscape architect.