Executive Summary:

 

Dual branded Marriott hotel and upscale condo development in downtown San Jose. The project will be the closet hotel to the recently announced Google tech campus in downtown San Jose. The project will also be within a short walking distance of the Diridon Station; the upcoming and preeminent transit hub of Silicon Valley. The hotel will include approximately 310 hotel rooms and 19 luxury condo units atop a high rise hotel structure. 

 

Location Description:

 

Located in downtown San Jose, the largest city in Silicon Valley within the Diridon Station Area. The project will be the closest hotel development to the newly announced Google mega campus in downtown San Jose. The search giant, a division of Mountain View-based Alphabet Inc., has projected up to 8,000,000 sq. ft. of office and R&D space and as many as 20,000 workers in downtown San Jose. The area will be developed in a walkable, transit-connected campus interspersed between retail space, housing and public parks and plazas. 

The Google proposal comes amid a San Jose building renaissance: Nearly 100 major projects are currently in the city's development pipeline, many of them set to rise in the downtown core. The hallmark Google project along with several other major developments in downtown San Jose has been described by experts as “having the potential to serve as the new focal point of Silicon Valley,"

 

Timeline:

 

Q2-Q3 2019 - Entitlements, Permitting and Construction Documents Completed

Q3 2019: Execution of Financing

Q3-Q4 2019 - Permitting

Q1 2020 Construction Start

Q1 2020 Construction Complete

 

Terms of Offer:

 

Indirect EB5 financing with interest return to the investor and return of capital within 5 years. 

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