Miramar Capital Plans 580-Unit Mixed-Use Project in San Jose’s Loma Linda Neighborhood

Miramar Capital San Jose KTGY Architects Oakland Loma Linda 4300 Stevens Creek Boulevard

By Jon Peterson

Miramar Capital has been approved by the city of San Jose for a new mixed-use development project located in the city at 4300 Stevens Creek Boulevard. The real estate asset management and investment firm plans to deliver 580 housing units, a retail component, as well as a 250-room hotel.

Miramar Capital is a California-based organization with offices in San Jose and Los Angeles. The property owner did not respond to an email seeking a comment for this story. 

The real estate firm has owned the development site since July 2020, when it paid $54.5 million for the property, according to public records.

At one point, the company was exploring options with an office component, as well. However, given today’s environment, this is no longer the case. This decision reflects the decisions of many traditional and non-traditional office tenants, who are not sure what their future office space needs will be and are not willing to commit to any new projects at this time.

The plans that have been approved call for a combination of housing, shops and a new hotel, according to the project plans submitted to the city. The housing portion of the project calls for a total of 580 homes. This will be split between 407 market-rate units and 173 affordable ones. The amount of non-market rate units has nearly doubled from the initial plan of 87 below-market units.

The affordable units will be split into four different types of apartments. 58 of the units will be designated for households that earn 50 percent of the area median income (AMI), 29 units will be allocated for individuals and families making 60 percent of AMI, 29 units for those making 80 percent AMI and 57 units for 120 percent of AMI households. 

The architect on the project is KTGY Architects. This company has a regional office in Northern California located in Oakland, according to its website. 

4300 Stevens Creek is a podium-style project that will be marked with a varied façade treatment, setbacks topped with shared terraces and private balconies. The property will be improved with an acre-wide public promenade and includes landscaping and seating.

The other parts of the project will include 10,850 square feet of retail and a 250-room hotel development. 

The 9.27-acre site currently has five buildings. Three of the buildings will be demolished, which will free up roughly 9.09 acres. The two buildings that will remain are occupied by a pizza restaurant and a dialysis center. 

No groundbreaking date has been set for the development at this point in time, and once the project commences, construction is expected to last around two to three years from the start to completion.

West Coast Commercial Real Estate News