Developer Seeks $1.5 bn to Fund Orchard Residential Tower Project in San Jose, California

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The Orchard Residential tower in downtown San Jose, will be the latest development from Cushman & Wakefield‘s Silicon Valley net initiative in California. The global real estate firm hopes to raise $1.5 billion for this large scale development, which comprises about 7 projects, aimed at bringing up to 1,000 rental units to the region and more than 4 million square feet of office space in the coming years.

Cushman is working in partnership with Westbank, Urban Community, Peterson and OPTrust on the Silicon Valley net initiative projects, which have begun with a trio of green towers in downtown San Jose. The construction work to be covered on these green tower projects include renovations for the historic Bank of Italy tower and the development of two new towers referred to as Orchard Residential and Park Habitat. All three towers will be designed using a wide range of gardens and greenery.

Timelines for the Silicon Valley net initiative, green tower projects

The Orchard Residential tower, which is the most recent of the San Jose green towers, is scheduled to commence construction by the fall of 2023 and its development site will be located at 409 S. Second St., adjacent to the former Bo Town restaurant building. The completion date is yet to be determined for this project.

The ongoing Park Habitat office tower project which commenced this April is expected to provide up to 1.2 million square feet of environmentally friendly workspaces and retail components, as part of the Silicon Valley net initiative. Tenants will have access to gardens and a green lung, and be able to work effectively in a park. This office tower’s completion date is set for 2025.

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The historic Bank of Italy tower is also currently undergoing some renovations, which will be completed next summer, and just like the other two green towers, the project incorporates a green design. A new green staircase will be added, along the south side of the building, including a garden terrace on the tower’s east side.

The V.P of the Westbank U.S. development, Andrew Jacobson mentioned that the Silicon Valley net initiative projects were all designed to be sustainable, socially, environmentally and economically viable, and also contribute positively to the city and communities they will be located in.