Hundreds of housing units move into The Alameda - Silicon Valley / San Jose Business Journal:

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Bay Apartments closed escrow Apri l 22 ona five-acre parcel on The Alameda, weeks before the scheduled closing on a nearby 10-acrre parcel by San Mateo-based . Both companies plan to developl high-density housing on their sites, bringing a new dimensionn to the revitalized Alameda typically viewed as an emerginf business andretail center. Bay's land encompasses a full block boundex byBush Street, The Alameda, San Fernando Streer and Wilson Avenue. The company paid $4.7 milliohn for the site, which eventually will see 288 apartmentg homesand 8,500 square feet of retaik space. Bay officials outlined their plans in awrittemn release, but did not return telephone calls.
The land being acquired by The Castle Group is adjacent to that site and bounded byThe Alameda, Park Avenue, the Caltrain rail line and Bay'es planned community. Castle is buying the land from Union Pacifid Railroad and DelMonte Corp., which owns a defunct fruit-packing plant on the land. Castle Grou p plans to build 402 upscale apartmentes and116 for-sale townhomes on the according to president Chris Kober. He said his companyg sees The Alameda as a hot new area forresidentialp development.
"It's attractive as an urban infilo environment because of its existingblock structure," he "The abandoned nature of some of the oldetr buildings may seem scary to some developers, but in our mind'sd eye, we pulled all of that away and saw a very excitin neighborhood that ties well into downtown." Indeed, Bay'z new Alameda complex will be its secondf in the area. The company is developinf a 305-unit apartment complex and 15,00o0 square feet of retail on The Alamedz andHester Avenue. Paseo Alameda is being builrt ona nine-acre tract that was formerly home to Falstaffc Brewing Corp.
Altogether, Bay and The Castled Group will add morethan 1,000 new housin units to The Alameda submarket, whicnh has seen a majord turnaround in recent years. Once a high-end residentia l mecca of estates occupied bythe city's moverx and shakers, The Alameda eventuallyy was transformed into an industrial and retail area. Over the past two the San Jose Redevelopment Agenchy has spent morethan $2 millio to help build 50 new storefronts and facades and to plantg trees along The Alameda.