{"id":2347,"date":"2026-06-17T15:38:38","date_gmt":"2026-06-17T15:38:38","guid":{"rendered":"https:\/\/nextcitydigest.com\/?p=2347"},"modified":"2026-06-17T15:38:38","modified_gmt":"2026-06-17T15:38:38","slug":"real-estate-firms-eye-400-plus-homes-at-san-jose-office-building-site","status":"publish","type":"post","link":"https:\/\/nextcitydigest.com\/?p=2347","title":{"rendered":"Real estate firms eye 400-plus homes at San Jose office building site"},"content":{"rendered":"
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SAN JOSE \u2014 Two real estate allies are floating a plan to develop well over 400 homes next to a San Jose train stop, a project that would replace a large empty office building with affordable apartments and market-rate houses.<\/p>\n

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SummerHill Homes and Cypress Equity Investments are planning to build a 446-unit mixed-density residential community at 3550 N. First St. in San Jose, said Kevin Ebrahimi, senior vice president of development with SummerHill.<\/p>\n

The two real estate firms have obtained a contract to buy a 5.9-acre site that includes the vacant office building, a surface parking lot and some empty land.<\/p>\n

The housing development would consist of 373 affordable apartments for rent and 73 townhouse-style condominiums that would be for sale at market rates, according to Ebrahimi.<\/p>\n

\u201cThe apartment component will be 100% affordable housing, serving a range of income levels with an average affordability target of 60% of the area median income,\u201d Ebrahimi said.<\/p>\n

In 2026, the area median income in Santa Clara County was $205,500 for a four-person household and $143,850 for a one-person household, according to posted by the state Housing and Community Development Department.<\/p>\n

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This suggests the average income limit for the affordable housing at the 3550 N. First site would be $123,300 for a four-person household and $86,310 for one person.<\/p>\n

The housing project site is between Tasman Drive and Baypoint Parkway. It\u2019s across the street from the Tasman light rail station.<\/p>\n

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LBA Realty owns the property. An LBA affiliate paid $18.5 million for the property in February 2025. That purchase price was 42.9% below the site\u2019s $32.4 million assessed value in January 2025.<\/p>\n

Jolted by a feeble office market, a growing number of developers are considering ways to convert their office properties to other uses, such as housing projects.<\/p>\n

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Two real estate allies are floating a plan to develop well over 400 homes next to a San Jose train stop, a project that would replace a large empty office building with affordable residences.<\/p>\n","protected":false},"author":1,"featured_media":2346,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nReal estate firms eye 400-plus homes at San Jose office building site - Next City Digest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nextcitydigest.com\/?p=2347\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Real estate firms eye 400-plus homes at San Jose office building site - 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