Construction funding has been secured for 1330 South Bascom Avenue, a large eight-story multi-family building in west San Jose. The development team received $284 million from an Australian pension and retirement fund to build The Maxwell, the nearly six hundred unit apartment component of the transit-oriented South Bascom Gateway Station masterplan. Newmark announced in a press release that construction is expected to start by the end of the month.
Newmark was the exclusive advisor responsible for arranging the deal. The project is a joint venture with Bay West Development and Forum Real Estate Group.
South Bascom Gateway Station aerial perspective with the previous color scheme, rendering by WRNS Studio
South Bascom Gateway Station overall site map with landscaping, rendering by the Guzzardo Partnership
1330 South Bascom Avenue view looking south-east, rendering by WRNS Studio
Ramsey Daya, Vice Chairman at Newmark, shared in the press release that “the combination of The Maxwell’s incredible west valley location, direct adjacency to transit, in combination with the extraordinary track record of the development team, resulted in an exceptionally competitive processes with banks, debt funds and pension funds all vying to provide the financing.”
According to the final planning documents, the 81-foot tall residential structure will cover 4.5-acres to yield 585,240 square feet for 590 apartments and an unspecified area for the 643-car parking garage spanning the basement to level two, including visitor parking spaces. Additional parking will be included for 590 bicycles. Of the 590 apartments, there will be 125 studios, 360 one-bedrooms, 99 two-bedrooms, and six three-bedrooms.
1330 South Bascom Avenue townhomes looking out onto the public space, rendering by WRNS Studio
1330 South Bascom Avenue floor plate, illustration by WRNS Studio
The Maxwell will also include 59,100 square feet of common open space, with 44,000 square feet of private open space distributed across many units. 42,200 square feet will be opened up as public open space.
WRNS Studio is the project architect. Facade materials will include cementitious panels, plaster, board-formed concrete, composite walnut wood siding, metal panels, floor-to-ceiling windows, and glass railing.
The Guzzardo Partnership is responsible for landscape architecture, with CBG as the civil engineer and DCI Engineers responsible for structural engineering.
South Bascom Gateway Station office component, rendering by WRNS Studio
At full buildout, the South Bascom Gateway Station includes the Maxwell, a 200,000 square foot office building, and 62,700 square feet of public landscaping. The total lot spans nearly seven acres.
The property is located across from the VTA Light Rail Bascom Station, providing quick access to Downtown San Jose and Campbell in under ten minutes. Around the neighborhood, there is the Del Mar public high school, as well as various businesses and groceries within walking distance.
1330 South Bascom Avenue, image by Google Satellite
With imminent construction, Bay West Development and Forum Real Estate Group expect to finish the first phase of units by the third quarter of 2024.
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Moving back to San Jose! Can only afford 1 bedroom apt! How much?