SAN JOSE — A huge industrial center planned for San Jose has landed a key boost through a financing package to bankroll the construction of a project that could become a job hub.
The proposed development envisions a four-building industrial park that would sprout on a 32-acre property at the corner of Qume Drive and Commerce Drive in San Jose.
An affiliate of real estate firm Bridge Development Partners has landed a construction loan totaling $117 million, according to documents filed on Nov. 1 with the Santa Clara County Recorder’s Office.
Bank Ozk provided the construction loan, which is scheduled to mature and come due in October 2027, the county real estate files show.
The development that’s proposed for a San Jose site with addresses of 2222 Qume Drive, 2350 Qume and 2150 Commerce Drive would bulldoze the existing buildings on the property and replace them with a modern complex.
Four new industrial and warehouse buildings that together would total 719,400 square feet are slated to be built on the property, the Bridge Development proposal on file with San Jose cith planners shows.
The four new buildings would be of varying sizes: 358,200 square feet, 202,700 square feet, 83,800 square feet and 69,800 square feet.
The precise timeline for the construction project wasn’t immediately known.
In 2021, the Bridge Development affiliate paid $134 million for the property, county real estate records show.
The project is of the type that has attracted Amazon and other major logistics or e-commerce players in the past.
Bridge Development frequently has landed Amazon as a tenant in its projects around the country and on the West Coast.
Amazon, however, has drastically scaled back its expansion plans of prior years. Like numerous other tech titans, Amazon has reduced its corporate footprint by shedding space and laying off workers.