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Immediate Release |
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June 21, 2002 |
Peggy Flynn, (408) 794-1064 |
San Jose Redevelopment Agency and CIM Group To Enter Agreement for Downtown RevitalizationProposed Development to Focus on Housing and Street-Level ShoppingSan José, CA --- The San Jose Redevelopment Agency (SJRA) announced today that pending approval of an Exclusive Negotiation Agreement (ENA) by the Redevelopment Agency Board on June 25, the SJRA will begin negotiations with the CIM Group for the proposed development of mixed-use infill projects in the Downtown core. "Downtown's successes continue to grow, but we can't stop there," said Mayor Ron Gonzales. "Housing and retail is critical to the vitality of our City Center." The purpose of the ENA is to set guidelines that can guide negotiations for an eventual Disposition and Development Agreement (DDA) between the Agency and CIM Group. The ENA will last for four months with the possibility of a two-month extension. "The ENA will allow us to negotiate with the CIM Group for a development strategy to fill vacancies in existing Downtown buildings," Susan Shick, Executive Director of the San Jose Redevelopment Agency, said. "CIM Group has a wealth of experience throughout California in delivering these types of development projects, including here in Downtown San Jose." Four parcels are included in the ENA: the Agency-owned Block 3 parking lot; the City-owned parking lot adjacent to Zanotto's, the privately-owned Western Dental and Dr. Eu buildings. CIM's initial concepts for development will build upon the existing scale and character of historic buildings with a focus on pedestrian-oriented shopping and housing development. During the term of the ENA, CIM will develop a program to include a variety of housing opportunities including loft rentals, affordable housing, and for-sale condominiums, with retail featuring local, regional, and national tenants. On the large Block 3 parcel, located on the corner of Second Street and San Fernando, CIM intends to evaluate several anchor retail tenants on the ground floor and mid-rise or high-rise housing above. CIM Group has successfully developed numerous projects requiring the rehabilitation and adaptive re-use of historic landmarks, including six National Register eligible properties. CIM Group is currently renovating the Twohy Building in Downtown San Jose, maintaining its status as a City Landmark and creating 36 new loft apartments in the process. In addition, CIM is currently building out a large project in downtown Los Angeles which will yield 1,300 newly constructed units of both for-rent and for-sale housing and over 70,000 square feet of neighborhood retail and restaurants in both new and existing buildings. "Our approach for each site will be unique," said John Given, CIM Senior Vice President. "Our focus is filling in the core and connecting the historic assets along Second Street from Santa Clara Street to Paseo de San Antonio." The SJRA worked for several months with the Downtown Residents Association, the Historic Landmarks Commission, the Downtown Association, and the San Jose Chamber of Commerce to select the most qualified partnering developer to submit plans for new construction, renovation, preservation, and adaptive reuse of the four parcels. In conjunction with this, Agency staff has been pursuing other strategies to increase downtown retail activity, including new business loan programs, increasing funding for the Façade Improvement Program, plans for new public parking garages, and programs designed to activate currently vacant downtown storefronts. The San Jose Redevelopment Agency is dedicated to improving the quality of life for all who live in work in San José. Governed by the City Council, the SJRA facilitates and oversees comprehensive programs for development to revitalize the City's Downtown, neighborhoods, and industrial areas. Attachments |
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