Description
Stevens Creek Promenade is a proposal by Miramar Capital Group through their affiliate MPG Stevens Creek Owner LLC for a 9.2-acre site at the intersection of Lopina Way and Stevens Creek Boulevard.
The currently approved project proposes three 6-story residential buildings totaling 580 units—of which 173 are affordable—and a 250-room hotel with 8,500 square feet of commercial space. The project will provide 494 residential and 210 parking spaces for the hotel, totaling 704. Additional amenities include two privately owned publicly accessible paseos, one 14,000 square feet and the other 32,500 square feet.
Construction will take place in two phases, with the first phase consisting of only a 173-unit affordable apartment building.
Two additions and revisions are currently under review that may alter the project’s scope.
Timeline
The Los Gatos-based developer Fortbay first proposed a project for the site after it purchased the land for $53 million in 2016.
Fortbay’s proposal (PD17-014) encompassed three parcels (29640009, 29638014, 29638013) and proposed four structures:
- Building A: 6-story, 233,000 square foot office building
- Building B: 6-story parking garage
- Building C: 8-story mixed-use building with 10,000 sq. ft. of ground floor commercial and 289 units
- Building D: 8-story residential building totaling 293-units, 88 of which are affordable
Looking north toward Stevens Creek Boulevard, each building occupied a corner of the site, and 2 paseos from the cardinal directions intersected in the middle of the site, forming a cross. Building A occupied the northeast corner, Building B the southeast corner, Building C the northwest corner, and Building D the southwest corner.
The City Council approved this iteration of the project on February 26, 2019. A few months later, the developer applied for a permit to increase the square footage of office space (PDA17-014-01) from 233,000 sq. ft. to 300,000 square feet. However, the developer ultimately withdrew this proposal.
The following year, in 2020, Fortbay sold the project site to Miramar Capital Group and Machine Investment through their affiliate MPG Stevens Creek Owner for $54.5 million.
In 2021, Miramar submitted new plans for the site. Like previously proposed, the new plans proposed four buildings:
- Building A: 6-story, 173-unit, 100% affordable residential building
- Building B: 6-story, 191 unit, market-rate residential building
- Building C: 6-story residential building with 216 market-rate units
- Hotel: 250-room hotel with 8,500 sq. f.t of ground floor retail
The arrangement of the site diverged significantly. Rather than utilizing the entire 9.2-acre site as in the first proposal, Miramar left the 2.6-acre northwest parcel occupied by Davita Medical Group, Satellite Healthcare, and a surface parking untouched.
The three residential buildings now lined the south end of the site, with Building A to the west, B in the middle, and C to the east. The hotel replaced the 6-story office building in the site’s northeast corner just above Building C.
Despite shrinking the footprint of the whole building footprint from 296,980 sq. ft. to 241,873 sq. ft., the total unit count remained roughly the same at 580 units with an increased portion of affordable units.
Miramar’s revised project was approved on August 11, 2022, roughly a full year after it was initially submitted.
On January 31, 2024, plans to split the project into two phases were approved by the City (PDA20-012-01). The first phase develops Building A, while phase 2 includes Buildings B, C, and the hotel.
In November 2024, the developer filed a preliminary application proposing to replace the hotel and Building C with a 3.79-acre car dealership taking up the entire site east of Lopina Way (PRE24-302). If the developer pursues approval, this modification would reduce the total unit count to 364.
The following month, in December, the developer filed an additional planned development permit for the northwest corner of the site currently occupied by a Round Table Pizza. If approved, this proposal will demolish the existing 10,400 sq. ft. commercial building and construct a new 5,245 sq. ft. Chick-fil-A restaurant. This proposal does not modify the currently approved plans. However, Fortbay’s original 2017 plans used this location for a residential building.
As of January 2025, the Chick-fil-A remains under review, and the developer has yet to file a development permit for the proposed car dealership.
In the news
“San Jose housing project may add auto dealer building in fresh shift.” Mercury News, December 21, 2024.
“San Jose mixed-use village may undergo fresh changes in shaky economy.” Mercury News, August 14, 2024.
“Property Sale Progresses Affordable Apartments in San Jose.” SF YIMBY, February 23, 2024.
“San Jose affordable homes land financing package of $100 million-plus.” Mercury News, February 22, 2024.
Pacific West Builders, acting through an affiliate, paid roughly $3.5 million for the site where the affordable homes would be built, according to documents filed on Feb. 20 with the Santa Clara County Recorder’s Office… The California Housing Finance Agency authorized the issuance of a bond package to enable construction financing for the affordable housing project… The total construction package is valued at $125.6 million… Of that overall amount, Citibank is providing the project with $98.6 million in construction financing through two separate loans. Bonneville Multifamily Capital is providing a third loan of $10 million…
“Part of big San Jose development will be delayed and built in phases.” Mercury News, February 8, 2024.
“Modified Plans Approved for 4300 Stevens Creek Boulevard in San Jose.” SF YIMBY, September 11, 2022.
“San Jose approves 600 condos on Stevens Creek Boulevard.” San José Spotlight, August 31, 2022.
“Meeting Wednesday To Review 4300 Stevens Creek Boulevard, San Jose.” SF YIMBY, July 11, 2022.
“Big San Jose village adds affordable homes and hotel, scraps offices.” Mercury News, July 5, 2022.
“Demolition Permits Filed for 4300 Stevens Creek Boulevard, West Valley, San Jose.” SF YIMBY, February 2, 2021.
“Major mixed-use project along Stevens Creek Boulevard changes hands.” Silicon Valley Business Journal, July 30, 2020.
“Big mixed-use San Jose complex moves forward with property deal.” Mercury News, July 28, 2020.
Santa Monica-based Miramar Capital Group and Machine Investment, acting through affiliate MPG Stevens Creek Owner, paid $54.5 million for the property, county documents show… The seller was an affiliate of Fortbay, a Los Gatos-based development firm that steered the project through the city approval process. The Fortbay affiliate paid $53 million in 2016 to obtain the development site.
“Stevens Creek redevelopment for hundreds of new homes in San Jose gets approval.” Silicon Valley Business Journal, March 1, 2019.
“San Jose: Council Approves 582 New Homes at the Stevens Creek Promenade.” SV@Home, February 28, 2019.
Permits
PD24-022 Under Review
Planned Development Permit to allow the removal of 12 trees (eight ordinance-size, four non-ordinance-size, and nine replacement trees) and the demolition of an approximately 10,400-square-foot commercial building for the construction of an approximately 5,245-square-foot restaurant (proposed Chick-fil-A), with an outdoor dining area, trash enclosure, and surface parking lot on an approximately 0.76-gross-acre site
PRE24-302 Complete
Focused Preliminary Review to change the use to allow a auto dealership use on the east half of the property.
PDA20-012-01 Approved
Planned Development Permit Amendment to allow for the phasing of the project and the installation of bollards along the internal private drive on an approximately 10.0-gross-acre site.
PD20-012 Approved
Planned Development Permit to allow for the demolition of three existing commercial buildings (77,000 sf), the removal of 104 ordinance-size trees and 92 non-ordinance trees, and the construction of three multifamily residential buildings with 580 units, including 173 units of affordable housing, of which 116 units are subject to the State Density Bonus Law, and a 250-room hotel with 8,500 gross sf of ground floor retail with associated parking, landscaping, and amenities on 10.0 gross acres. Density Bonus Summary: - 116 affordable units, including 10% very low-income, 5% low income, and 5% moderate income - One Incentive to lower parking ratios to 0.5 spaces per unit for Building A and one spaces per unit for Buildings B and C
PDA17-014-01 Approved
lanned Development Permit Amendment to increase the office building square footage from the previously approved 233,000 sq. ft. to the maximum 300,000 sq. ft. as allowed under the approved zoning (File No. PDC16-036).
PD17-014 Approved
Planned Development Permit to allow the demolition of five existing buildings totaling approximately 105,980 square feet, the removal of 68 ordinance sized trees and to construct a 6-story approximately 233,000 square foot office building, a 6-story parking garage, a 8-story mixed use building containing approximately 10,000 square feet of ground floor commercial and up to 289 residential units, and a 8-story residential building containing approximately 205 market rate residential units and approximately 88 affordable residential units (total of up to 293 residential units) on a 10.0 gross acre site
PDC16-036 Approved
Planned Development Zoning from the CG Commercial General Zoning District to a CP(PD) Planned Development Zoning District