SAN JOSE — A development site at a choice downtown San Jose location is up for sale through a marketing package that offers a drastically different housing vision for the project than originally proposed.
The original plan for the project envisioned a 21-story tower with 12 floors of residential, five floors of offices, four floors of parking, and ground-floor office, retail and restaurant spaces.
Elevated view of an apartment building at 51 Notre Dame Avenue in downtown San Jose, concept. (Steinberg Hart)
Street-level view of apartment building at 51 Notre Dame Avenue in downtown San Jose, concept. (Steinberg Hart)
Now, a much smaller residential building is planned for the site, which is at 51 Notre Dame Avenue in San Jose, commercial real estate firms Kidder Mathews and Newmark state in a marketing package they are circulating.
“The site was originally envisioned as, and is fully entitled for, as of June 2022, a 21-story, mixed-use development comprising 290 residential units and five floors of office,” Newmark managing director Jay Cross and Kidder Mathews executive vice president John Layvas stated in the marketing papers.
Birds-eye view of an apartment building at 51 Notre Dame Avenue in downtown San Jose, concept. A rooftop terrace is visible in the upper part of the image, and the pool area is visible in the lower section. (Steinberg Hart)
The vision has now dramatically changed to a development with about half of the housing units, according to real estate executives John Pringle and Dennis Randall, who are leading the group attempting to sell the property.
Related Articles
As Oakland awaits employees’ return to office, businesses feel downtown drought
Walnut Creek office complex is bought for more than $100 million
Developer continues to collect properties for Oakland neighborhood
Blighted San Jose site where 200-plus homes are eyed goes up for sale
Downtown San Jose, Oakland, San Francisco combat empty office spaces
“The site has been re-imagined as, and is ideally suited for, a mid-rise luxury, multifamily mixed-use development,” Kidder Mathews and Newmark stated in the brochure.
Amenities include a penthouse roof lounge, a pool area and lounge, an 8th-floor roof deck lounge, ground-floor fitness center, and residential and retail lobbies, according to the flyer. The ground-floor retail is expected to total 4,700 square feet.
“51 Notre Dame Avenue is available to purchase today at a guidance price of $12.5 million, just a fraction of its June 2023 appraised value of $35.7 million,” the sellers stated. “Importantly, a lender has already been identified that can deliver a $10 million loan with favorable terms.”
The development has faced financial challenges, including a loan default notice issued in August 2024. Santa Cruz County Bank, the lender, rescinded the default notice in October 2024.
Despite the uncertainties, the seller asserts that the 0.7-acre property is in an ideal San Jose location.
“51 Notre Dame Avenue offers residents the perfect balance, a superb residential experience in a vibrant, walkable neighborhood,” the marketing brochure states.