Mountain View-based Google and its development ally Trammell Crow have spent at least $221.6 million buying an array of properties on the western edges of downtown San Jose, within and near a 1-mile stretch that begins north of the SAP Center and reaches south nearly to Interstate 280. Among the major recent deals: The Google and Trammell Crow venture bought a large site that now is occupied by Orchard Supply Hardware, and the search giant has struck a deal to purchase a huge property from Trammell Crow that is approved for 1 million square feet, hundreds of residences and retail. Despite the extensive work and investments that have occurred already, construction isn’t going to begin tomorrow, Google executives cautioned.Here is a map from the article
Given what has happened to property near Facebook, Tesla, Apple and Google campuses with near gridlock traffic making location close to the campuses extremely valuable, I expect San Jose real estate withing a mile of two of this development to see similar gains. Older, established neighborhoods with large lots to build "McMansions" should do especially well if they follow what we've seen in Menlo Park (Facebook), Palo Alto (Tesla & HP), Mountain View (Google), Cupertino (Apple) and Los Altos close enough to ride a bike or a short drive to them all. Actually, a bike ride from Menlo Park to Apple's new campus in Cupertino would be a great daily ride for exercise on Foothill Expressway.
Here is a larger Google Map of the area
Let's just hope that Google's plans are not the mark of a stock price top similar to what we saw in 2000 when Cisco (CSCO) made big plans to expand in the Coyote Valley and ended up with empty buildings near its current headquarters.
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