Apartment tower proposed for Ross store in downtown San Jose, which is soon to close – Silicon Valley Business Journal
Ross’s departure is not a good sign for traditional chain retail’s prospects downtown, but its replacement reflects strength in another sector: Housing. Developers currently have plans to add more than 5,500 residential units in the downtown district, though not all of those are likely to get built. Another 2,555 units in the district are under construction, according to the San Jose Downtown Association. It’s all being driven by tremendous rent growth as well as increasing demand to live in more urban, transit-oriented environments, developers say.
Sourced through Scoop.it from: www.bizjournals.com
Here’s the good news; more supply to meet demand may mean a little price break? Hey, I am looking for positive for all sides. Downtown, is building apartments. We need more places for folks to live. OK.