By Jon Peterson
San Francisco-based Sharon and David Seto had placed on the market for sale the 0.89-acre residential development site in San Jose called Volar located at 350 South Winchester Boulevard, just steps from the city’s famed Santana Row development. The asking price on the planned sale is $47 million, according to a posting on Loopnet.
The company representing this sale is Dublin-based Stanford Development Group.
The asset as it stands now is the home to the Eli Thomas menswear store. This tenant is the occupant in the 26,850 square foot retail building on the site. The building would be demolished adding room for a new development to occur.
The site could be developed into a residential project in the future. In June 2017, the San Jose City Council did approve a proposal by the current owners to demolish the store building and construct an 18-story 307-unit condo building. At this time, no progress has been made on the development, and the current owners have not requested any permits for the site.
There are potential other parts of the project beyond residential. This could include more than 54,000 square feet of office and commercial space and a public park on its top floor. In total, the approved building is for a total of 320,000 square feet.
The site is located right in the middle of much of the retail and the restaurants near the Santana Row shopping center. It is also in close proximity to San Jose’s Westfield Valley Fair Mall, which is just north across Stevens Creek Boulevard. The site is near two commuter rail options, it is roughly 3 miles away from both Caltrain and the Altamont Corridor Express. In addition, the site has a 91 Walk Score and 81 Bike Score, and it less than 5 miles away from the San Jose International Airport.