Trumark Homes, in a joint venture partnership with Resmark Equity Partners, is planning to build two new residential communities in San Jose and Santa Clara, Calif. Once completed, the anticipated revenue from both developments will total approximately $148 million.
The first project is a redevelopment of a portion of an industrial campus owned by ethernet network company Extreme Networks, Inc. that currently consists of four office/R&D buildings in Santa Clara.
Trumark and Resmark plan on converting the 8-acre property into a 183-unit residential community after tearing down 141,000 square feet of vacant office space on the Eastern parcel. The community will consist of approximately 112 townhomes and 42 single-family detached homes. The seller, Extreme Networks, still occupies 130,000 square feet of office space on the Western eight-acre parcel and is working with Trumark to develop plans for the entire site.
“We’re pleased the City of Santa Clara recently voted unanimously to change the General Plan of the site from industrial to mixed-use and continues to support our redevelopment plan,” said Jason Kliewer, partner and general counsel of Trumark Homes. “Trumark has a multi-disciplined expertise in both residential and commercial uses, which makes us a good fit for developing this type of community.”
Located on the prime corner of Lawrence Expressway and Monroe Street, the new home community will be close to an established residential neighborhood and within walking distance to Caltrain’s Lawrence Expressway commuter rail line station and numerous retail shops and office buildings.
Trumark and Resmark plan on completing the entitlement process for the Santa Clara development by summer of 2012 and starting construction by summer of 2013. Project completion is tentatively set for 2016.
TOD in San Jose
The second community being developed by the Trumark/Resmark joint venture is another transit-oriented development in the Berryessa area of San Jose. The 4.3-acre residential lot currently consists of one home and a storage area for industrial size lighting located near a light rail station. Trumark and Resmark plan to build approximately 94 three-story townhomes in a community to be named North Capitol Villas. The City of San Jose has reviewed Trumark’s preliminary plan and is supportive of the project.
The entitlement process for North Capitol Villas is scheduled to be completed by summer 2011 and the start of construction is set to begin in spring 2012. The goal is to complete this new home community by 2014.
Resmark Equity Partners, a full service residential investment advisor headquartered in Los Angeles, will be providing a total of $25 million in equity for both projects.