Greystar Exploring 650 Unit Multi-Family Project in San Jose’s Winchester Neighborhood

The Reserve Greystar San Jose real estate The Registry

By Alice Yin

San Jose is in the process of evaluating a rezoning decision for a proposed mixed-use development on Winchester Avenue as part of its new urban village plan that would begin the transformation of the neighborhood into a higher-density suburban location.

The Reserve, owned by Charleston, S.C.-based multifamily developer Greystar, today is an apartment complex consisting of 216 units located at 881 S. Winchester Blvd., which the owner would like to tear down and rebuild. In the process, Greystar would effectively triple the number of units at The Reserve bringing the total to 650 apartments (65 percent will be one-bedroom, and 35 percent will be two-bedroom apartments). The development would also add 8,000 square feet of commercial space, as well as 920 parking spaces.

Greystar purchased the complex in February of 2012 for $44.5 million, according to public documents.

In October of 2014, the city initiated an Environmental Impact Report study, which was completed and submitted to the city for review last week. Approval of the project is contingent upon a number of evaluations by the city, including noise and air pollution, proposed building heights and removal of 43 trees.

Construction is estimated to commence late 2015/early 2016, with approximately 24 to 30 months until completion, according to public documents. However, the planned development zoning has yet to be approved, and it could delay this timing.

“At this point, staff is still conducting a review, and we’re going to continue our review to make the application determination based on our analysis of the general plan and other city policies,” said city Division Manager Jason Rogers.

The proposal contained two phases of development, a southern portion and a northern portion. Together they total approximately 9,000 square feet of residential amenities and 8,000 square feet of retail.

Greystar is assisted by The Schoennauer Company, who is acting as development consultant, with Studio T SQ as the main architect and BKF Engineers working on the civil engineering.

The draft EIR was submitted to the city on July 25th and it provides an overview of the impact that demolition and subsequent construction would have on the neighborhood and its inhabitants. The next steps in the process include the Planning Department’s public review period that runs from July 24 until September 8 of this year, which could define further parameters of the development, such as timing and project details.

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