SAN JOSE — A big surface parking lot amid north San Jose’s tech hubs could be developed as a residential complex with more than 500 homes, city documents show.
The parking lot is located at 1737 N. First St. and totals 3.5 acres, according to Santa Clara County assessment records.
Pacific Resources Stevenson, the owner of the site, which also includes a six-story office building that totals 84,500 square feet, filed the proposal for the residential development, the San Jose planning documents show.
The development would total 510 residential units, according to the project proposal. The city planning site didn’t disclose whether any of the units would be affordable.
The project would consist of a mixed-use development that would combine the housing with offices, retail and residential with the existing office building.
The residences would be incorporated into two buildings that would sit atop a parking structure. The buildings would be connected with amenity spaces that total 10,500 square feet.
“A project on a parking lot that a developer already owns makes sense as land costs are rising,” said Bob Staedler, principal executive with Silicon Valley Synergy, a land-use consultancy.
The parking structure will use a combination of traditional parking stalls and a type of parking arrangement called stackers. Stacker parking allows vehicles to be stored vertically and then moved to the desired floor with lifts.
“This type of development using stackers will become more prevalent,” Staedler said. “The stackers save a significant amount of construction costs by their efficient use of space.”
Development of housing in some sections of north San Jose makes sense by putting residences near workplaces, in Staedler’s view.
“San Jose needs to focus on putting housing near existing tech hubs,” Staedler said. “The north first corridor has a lot of untapped housing potential. Having housing near jobs allows for employees to walk and bike to work and reduce car trips.”