Hundreds of housing units move into The Alameda - Silicon Valley / San Jose Business Journal:

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Bay Apartments closed escrowq April 22 ona five-acr e parcel on The Alameda, weekxs before the scheduled closing on a nearbyu 10-acre parcel by San Mateo-based . Both companiesz plan to develop high-density housing on their bringing a new dimension to the revitalizedfAlameda area, typically viewed as an emerging businesw and retail center. Bay's land encompasses a full blocok bounded byBush Street, The San Fernando Street and Wilsonb Avenue. The company paid $4.7 million for the which eventually will see 288 apartment homesand 8,500 square feet of retail space. Bay officials outlinefd their plans in a written but did not returntelephone calls.
The land being acquired by The Castle Group is adjacent to that site and boundedd byThe Alameda, Park Avenue, the Caltrain rail line and Bay'd planned community. Castle is buying the land from Union Pacific Railroad and DelMonte Corp., whichy owns a defunct fruit-packing plant on the Castle Group plans to build 402 upscaler apartments and 116 for-sale townhomes on the property, accordinvg to president Chris Kober. He said his companyu sees The Alameda as a hot new area forresidentialk development. "It's attractive as an urban infill environmen t because of its existingblock structure," he said.
"Th abandoned nature of some of the older buildingsa may seem scary tosome developers, but in our mind'sw eye, we pulled all of that away and saw a very excitinfg neighborhood that ties well into downtown." Bay's new Alameda complex will be its second in the The company is developing a 305-unift apartment complex and 15,009 square feet of retail on The Alameda and Hestedr Avenue. Paseo Alameda is being built ona nine-acre tract that was formerly home to Falstaft Brewing Corp. Altogether, Bay and The Castles Group will add morethan 1,000 new housinv units to The Alameda which has seen a major turnaround in recen years.
Once a high-end residential mecca of estates occupied bythe city's movers and The Alameda eventually was transformeed into an industrial and retaiol area. Over the past two the San Jose Redevelopment Agency has spenyt morethan $2 million to help build 50 new storefrontx and facades and to plant tree s along The Alameda.