Google Poised to Strike $111 Million Land Deal with San Jose
December 03, 2018 / Jennifer Wadsworth
Google’s move to San Jose would radically alter the landscape of the 10th largest city in the U.S. by redeveloping 50 acres of downtown into taller, denser blend of offices, shops, restaurants and public plazas linked to BART, Amtrak and Caltrain through the aspiring “Grand Central Station of the West.”
It will take years before the tech company realizes its vision for the city’s core. But a key City Council vote this week lays the groundwork. Come Tuesday, San Jose’s elected leaders will consider Google’s offer to pay $111 million in exchange for 10.5 acres of public land some owned by the city, some by the successor to the defunct Redevelopment Agency with the option of buying 11 more acres in the future. That’s $237.50 per square foot, or two-and-a-half times what neighboring properties appraised for in 2017, but well below what Google spent as part of its recent $1 billion office park purchase in Mountain View.