San Jose City Council's approval of land sale could mean more housing options
SAN JOSE, Calif. (KTVU) - More housing options could be on the way for renters in San Jose.
On Tuesday the San Jose City Council approved the sale of a prime piece of real estate in the downtown area, right across from City Hall.
According to Richard Keit, the city's redevelopment successor agency's managing director, the buyer SJSC Properties LLC is interested in building 295 feet up to make way for a new high-rise building with apartments and condos.
The City Council approved the sale of nine parcels, roughly an acre and a half of land, for $12 million.
It's the best offer from seven offers that went as low as $5 million. The money will go to the city's redevelopment successor agency.
"Typically what's going on in downtown, I wouldn't call it affordable," said Richard Keit, successor agency's managing director. "Certainly the more units you have out in the market, it keeps prices somewhat reasonable but this market is extremely hot market with all the job development that's going."
The Pacific Car Wash has been at its East Santa Clara Street location since the 1950's. It's almost a landmark in downtown.
The City of San Jose is helping pay for them to relocate down the street on 22nd Street.
The sale still needs to get approval from the State Department of Finance.