According to the Business Journal, San Jose’s City Council approved incentives to spur builders and developers to starting building… now. Check out the story here:
As laid out in the article the incentives are:
- A guarantee that application reviews will be no more than 120 days.
- A 50 percent reduction of fees in lieu of adding park areas to developments.
- A 50 percent reduction of construction-related taxes.
- Elimination of the requirement for systems in high-rises that contain air to help firefighters control spread of fire..
The city defines high-rise as being taller than 150 feet and in order to receive the benefits, developers need to break ground by 2013.
My thoughts are that this is a huge step in getting new highrise growth in downtown San Jose. The fact that the city is willing to speed up the process is a step in the right direction. Also, the definition of highrise at 150ft, might push developers to re-evaluate their projects and go higher in order to qualify for the incentives. I’m always for higher buildings and at 150ft that would put the city council’s definition at about 13 stories. A project like Ohlone on West San Carlos is slated for three 10 story buildings. Do they go up three more stories, now? Lastly, I really like the 2013 deadline.This really pushes builders to strike while the iron is hot and get some cranes in the air downtown. I’m anticipating around three or four buildings going up because of this resolution. As reported by Josh at The San Jose Blog, it looks like the long awaited 22 story Carlysle Building is going to be breaking ground by the end of the year. Which building will be next?