JV BUYS TWO-ACRE DEVELOPMENT SITE IN SAN JOSE FOR APARTMENT DEVELOPMENT

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SAN JOSE, CALIF. – A joint venture between Sares Regis Group of Northern California and Pritzker Realty Group has acquired a two-acre development site in Downtown San Jose for an undisclosed sum. The site will soon be home to The Pierce, a mid-rise, luxury apartment community.

The land is located at 60 Pierce Ave. on Market Street between Pierce Avenue and Reed Street in the city’s South First Area district. Demolition of the existing industrial and commercial buildings on the site began April 1.

The Pierce will include 232 units and 4,300 square feet of ground-floor retail space. It was designed by Steinberg Architects. The new development is scheduled for occupancy in fall 2015. The project will reportedly cost $70 million.

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