1495 Winchester is located in the heart of the recently adopted South Winchester Urban Village in the city of San Jose. The large corner parcel is currently utilized to operate a commercial business, but due to the newly adopted village plan, is zoned for up to 95 units per acre. The site is located just Northeast of downtown Campbell and 1.5 miles South of Santana Row. The proposed project will be a five-story mixed-use building of roughly 65,000 square feet with subterranean parking, roughly 19,000 square feet of retail and office space , plus 46 one and two bedroom apartments above.
The ground floor retail space will benefit from a large pocket of high density housing directly surrounding the property’s location. Furthermore, rental rates and occupancy are incredibly strong in the submarket due to its central South Bay location and access to top tier schools. The city of San Jose is promoting development along this stretch of the Winchester Blvd. arterial, which we expect to bring long term value appreciation to the immediate area.
The Preferred Equity Investors will receive their principal and accrued interest upon completion of Phase 2 (refinance of full rented out property). Yet, they will continue to earn income from cash flow from the property and profits from the eventual sale.