09 Jul Insight Realty Company Acquires Largest Undeveloped Site in Downtown San Jose
$360 Million Mixed-Use Development Planned
SAN JOSE – July 9, 2015 – Insight Realty Company today announced it closed escrow July 1 on 10.6 acres known as The Lenzen/College Park Rail Yards in downtown San Jose. Bought from Union Pacific Railroad, the property is situated between Highway 87 and Coleman Avenue with frontage onto the Guadalupe River Park – a three-mile ribbon of park land that runs along the banks of the Guadalupe River in the heart of downtown San Jose. The purchase price is undisclosed due a confidentiality agreement.
Insight’s plan for the property, to be named Rail Yard Place, is a mixed-use development including approximately 250,000 square feet of creative office space, 650 urban multi-family units and neighborhood-serving retail. Rail Yard Place, adjacent to the 360,000 square foot San Jose MarketCenter and across Coleman Avenue from the recently opened 4-acre San Jose Rotary Playgarden, will serve as a gateway development from the north to fastgrowing downtown San Jose.
“Rail Yard Place, will be the first ‘Creative Office Campus’ in downtown San Jose offering a bike- and pedestrianoriented environment with amenity-rich residences and offices with large open floor plates and high 18-foot ceilings – the type of office space desired by a fast-growing Silicon Valley workforce, but is not currently available in downtown San Jose,” said Dennis Randall, Managing Director with Insight Realty Company. “We are excited to complete this acquisition with our finance partner Marwood Assets Management, a privately managed real estate fund.” Construction is slated to begin in 2017.
