Northern California Projects Moving Again

Here’s what the Silicon Valley/San Jose Business Journal had to say last week about the reawakening of some major Northern California development projects that have been in limbo for the past couple of years:

Silicon Valley construction activity, largely stalled during the recession, is revving up once again.

Dirt is moving across the Bay Area on multimillion-dollar projects paused during the downturn. The work is evident in a number of locations, including the Palo Alto’s Alma Plaza, San Jose’s Fruitdale Station, Mountain View’s San Antonio Center, and a Los Gatos mixed-use project on the former Swanson Ford site.

The trend is a positive sign for an industry that has struggled with an unemployment rate hovering around 30 percent for the past two years.

The Journal also listed some of the major projects underway in San Jose, and the top five provide insight into some of the strongest vertical construction markets in the shorter term. Of the five, two are multifamily residential not-for-sale, including the high-end Levare townhouse-style rental properties being developed by Federal Realty Investment Trust. One is an office complex (America Center from Legacy Partners), one is the Belovida at Newbury Park senior housing project from The Core Companies, and one is a health care project (Phase 2 of the Regional Medical Center of San Jose from HCA).

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