A downtown San Jose hotel tower may become a housing highrise, depending on the outcome of a pending real estate deal.
SAN JOSE — A downtown San Jose hotel tower could become a housing highrise, depending on the outcome of a real estate deal that’s headed into its latter stages, according to the property’s principal owner.
Long-term lodging stays or a housing complex are among the potential future uses of a repurposed and redeveloped south tower under a new owner, according to a marketing brochure that’s being circulated by JLL, a commercial real estate firm that’s seeking buyers for the highrise. “Extended-stay guests are more likely to cook their meals in their room and spend their leisure time in the hotel’s amenities,” the coalition stated in an email it sent to this news organization. “This means that they are less likely to explore the local area and spend money in local businesses.”
Conversion of the southern tower to housing could bring several hundred permanent residents into downtown San Jose. Plus, the Bay Area and Silicon Valley alike suffer from significant shortages of residences. The hotel typically is 30% full, Hirbod estimated. That works out to 242 rooms. And it also means that if all of these 242 stays were concentrated solely in the 541-room northern tower, the hotel still wouldn’t be sold out.
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