SAN JOSE, Calif. (Sept. 25, 2015) — The Silicon Valley Business Journal has named Irvine Co. “Developer of the Year,” in part because of the 100-acre master-planned Santa Clara Square project that combines office, retail and luxury resort-style apartments for a walkable, mixed-use community.
From the Silicon Valley Business Journal (you are read the full story here):
Irvine revealed the ambitious master plan — the first time it has combined all major real estate asset classes here — in January. But forget Irvine’s own deals and developments for the moment. Brad Krouskup, CEO and president of Toeniskoetter Development Inc. in San Jose, said the project made it easier for his firm to pull the trigger on spec development across the street last year. “The final straw for us was when Irvine said, ‘We’re going to build the retail project,’” he said. “We said, ‘That’s our ticket.’ Now there’s first-class retail across the street. I think the transformation that area is going through is as dramatic as anything I’ve seen in this area.”
Spurring transformation is nothing new for Irvine, which is wholly owned by Don Bren, who’s worth more than $15 billion, according to Forbes. In the early 2000s, Irvine started building North Park, a sprawling mid-rise apartment community in north San Jose that today boasts 2,762 units. The project kicked off a wave of similarly dense mid-rise residential development in the neighborhood.
…With Santa Clara Square, its pitch is creating a jobs, housing and services balance that minimizes car trips in an area that is not well served by transit. Irvine will build the balance of the office component — five additional office buildings of about 200,000 square feet each — on spec, executives said. Irvine assembled the Santa Clara Square land in at least nine separate deals, between August 2012 and December 2014, paying a total of $360 million.