Units are finally selling inside a long-delayed high-rise development in downtown San Jose

Units are finally selling inside a long-delayed high-rise development in downtown San JosePhoto Credit: 188 West St. James
Wesley Severson
Published on February 18, 2022

Units inside a pair of shiny new housing towers in downtown San Jose, which have been plagued by snags and hiccups, are now up for sale. The high-rise development on West St. James Street and North San Pedro Street is called 188 West St. James and will feature 643 housing units that are now on the market. Prices for the various types of residences range from $573,000 all the way up to almost $2 million. 

Construction of the towers started in 2015 when the project was called Silvery Towers. The two high-rise buildings were originally supposed to be finished by 2018 but the project was hit by a slew of setbacks. According to the Mercury News, “the timeline steadily slipped. Construction mishaps, financing snags, questionable wage and labor practices, and a fatal fall that was ruled a suicide hobbled the pace of development.” In December of 2020, the Silicon Valley Business Journal reported that units inside one of the towers would be turned into rental units because “the owner couldn’t enter into binding contracts for units.”


Photo Credit: 188 West St. James


Also, in an earlier report by the Mercury News in September of last year, it appeared that the project as a whole was about to be put up for sale after the developer, Full Power Properties, let an important permit expire. Both reports never transpired. Notices of completion were finally filed with Santa Clara County late last year, completing a construction cycle that ended up taking six years instead of three. “With a normal construction timeline, this project should have been finished years ago. It’s almost shocking to see that this is finally ready for occupancy,” Bob Staedler with Silicon Valley Synergy told the Mercury News.

Now that all the hurdles have successfully been cleared, the rush to sell all the luxury units is full steam ahead. The Mercury News obtained pricing information on the units inside 188 West St. James. Studios range from $573,000 to $616,000. One-bedroom units range from $712,000 with the biggest version starting at $996,000. There are also one-bedroom options that include a den which start at $951,000. For two-bedroom units, you’ll pay anywhere from $957,000 to $1.51 million and 20th story penthouses start at $1.94 million and can be as large as 3,000 square feet. 


Photo Credit: 188 West St. James

 

“I’m sure the financial lender will be jumping for joy when the first home sales occur," Staedler tells the Mercury News. "The developers will learn quickly what’s the market for units at the prices they are asking.”

The taller tower in the development is at least 24 stories, while the other is slightly shorter. They are loaded with all the modern and luxurious amenities you’d expect. One of the selling points used on the 188 West St. James website is the 20,000 square feet of retail space that has yet to be occupied on the ground floor.