Shea buys the “Heinlenville” site

This purchase was hinted at earlier, but I was waiting for confirmation.

Shea Properties, one of California’s top residential builders, has embarked on a joint venture with equity partner Ivanhoe Cambridge, a Montreal-based realty firm, to develop the Japantown complex…

Orange County-based Shea Properties intends to develop 520 apartments, along with 19,000 square feet of ground-floor retail, at the Japantown site.

It looks like the specifications of the development may be different from those spelled out by Related and Williams & Dame. Naturally, we can expect to see Shea’s vision for this complex soon.

“This site is a tremendous opportunity,” said Bob Staedler, principal executive with Silicon Valley Synergy, a development consultancy. “Japantown is a highly sought-after neighborhood. It’s a very attractive area. A project here would be very successful.”

Well, I’m glad that someone agrees.

http://www.mercurynews.com/2017/11/16/san-jose-japantown-empty-land-captures-residential-builders-30-million-investment-diridon-google-downtown/

Ivanhoe Cambridge

Shea Properties

 

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2 thoughts on “Shea buys the “Heinlenville” site

  1. I’ll make a correction: the number of apartments cited and the square footage of retail space isn’t exactly the same as W&D’s “vision” but it’s in the ballpark, so to speak. Still, details have yet to be revealed.

  2. According to Lea Simvoulakis, city planner for San Jose, as long as Shea doesn’t submit any requests for changing the existing permit, they will build as designed and approved.

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