Sharon Simonson
The Olson Co. has beaten a partnership of two of the region's largest developers to enter exclusive negotiations with the city of San Jose to redevelop 7.7 acres in Japantown.
The approval, granted at the San Jose City Council meeting yesterday, gives the Brea, Calif., company approximately eight months to work with the San Jose Redevelopment Agency and the community to come up with a plan that will bring new housing, retail and public spaces, such as Japanese gardens, to three sites. All three parcels sit within roughly a half-mile of one another, generally along Japantown's central spine, Jackson Street.
The total investment in the project upon completion is expected to exceed $100 million.
The most important parcel, 5.8 acres now used by the city for vehicle maintenance and storage, is immediately north of Jackson between Sixth and Seventh streets.
The project has been sought by some in the community for as long as 25 years, Vice Mayor Cindy Chavez told her fellow council members in recommending The Olson Co. and a nonprofit partner, First Community Housing, be selected for the job.
To get the work, Olson and First Community defeated fellow finalists SummerHill Homes and KB Home. The city received nine proposals in total from a variety of interests for the job.
Councilman Chuck Reed sought assurances from the Olson Co. that it would be able to successful develop and tenant the proposed new shop space, saying the city has learned the hard way that it can build space intended for shops but that doesn't necessarily mean that it can find tenants that actually want it.
Olson's vice president for community development in Northern California, Mitch Solomon, said the company is working with a retail consultant with strong qualifications for just this kind of job.
"We have a high degree of confidence that the retail piece will turn out exceptionally well," he said.
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