Fulton Street Ventures Acquires Two Development Sites in San Jose for $18MM

Fulton Street Ventures, San Francisco, Guangzhou-based R&F Properties, Swenson, San Jose, Silicon Valley, Park View Towers
Rendering of Park View Towers in San Jose

San Francisco-based Fulton Street Ventures, an affiliate of Guangzhou-based R&F Properties, has acquired two development lots in San Jose from Barry Swenson for $18 million. The two sites are on the northern part of downtown San Jose, and combined are slated to deliver 524 condominiums to the Silicon Valley city.

One of the lots is located at 252 North 1st Street, where the Park View Towers project has been planned. That location, which will deliver a 19-story residential tower with 216 units and approximately 18,500 square feet of ground floor commercial, sold for $8 million. The second location, which encapsulates almost an entire block between Basset Street, Terraine Street and Old Julian Street, sold for $10 million, and is planned for 305 condominiums with ground-floor retail.

Both projects are entitled, and the city of San Jose listed the Park View Towers in its forthcoming construction projects list included in the April of 2017 Downtown San José Construction Brief.

Fulton Street Ventures has been active in other parts of the Bay Area and Southern California, as well. In San Francisco it is developing the 139-unit, 5 story Fulton 555, a condominium project in Hayes Valley. According to the San Francisco Business Times, in March of 2015 it purchased two development sites in San Francisco. It paid $28.5 million for a site that Crescent Heights owned at 325 Fremont Street, as well $7.3 million to acquire a site in SoMa at 119th 7th Street. In San Francisco, the entity also owns a parking lot located at 746 Laguna St. In Los Angeles the company is planning a 28-story condominium tower at 1133 S. Hope Street, which broke ground in October of 2016.

West Coast Commercial Real Estate News