A major San Jose-based development project at 211-281 River Oaks Parkway has been purchased by two New York-based firms acting through an affiliate. TPG and Angelo Gordon are major real-estate sponsors on the East Coast, but their ownership of the site is a significant pivot from the previous development under the local Valley Oak Partners. Supporters of the project can hope that the new owners will be able to bring an injection of capital to the project, speeding up its production.
The project site already shows extensive project plans and details reviewed by the San Jose Planning Director last fall. Reporting on the project by SF YIMBY at the time is consistent with current plans for the site, including a seven-story market-rate structure with 505 units, a five-story affordable housing complex with 132 units, and a hundred attached townhomes spread across 14 three-story buildings. Unit types will vary across the apartments with 82 studios, 357 one-bedrooms, 136 two bedrooms, and 60 three bedrooms. Of the one hundred townhomes, half will be two-bedrooms and half will be three-bedrooms.
211-281 River Oaks Parkway site map, illustration by Studio T Square
Studio T Square is responsible for the design. Illustrations show that the podium-style buildings will be articulated with a mix of material types, balconies, and setbacks. The larger apartments will overlook River Oaks Park, with the townhomes pushed to the rear half of the lot.
The site is currently occupied by three office and research buildings. All three will be demolished to make way for the new project. During the approvals and zone designation process, the applications invoked the State Density Bonus and Senate Bill 330 law to streamline the approval process.
211-281 River Oaks Parkway property outlined approximately by YIMBY, image via Google Satellite
The 9.8-acre site is located in an area of North San Jose that has seen significant redevelopment in recent years. As a growing community, the area has fewer walkable options for community commercial or other amenities. However, residents will be a 15-minute walk from the River Oaks VTA stop, with additional bus options linking them to other parts of the city. Currently, plans also include significant accommodation for vehicle transportation, with 903 car parking spaces and 345 bicycle parking spaces.
211-281 River Oaks Parkway Site Location, image via ArcGIS Online
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