Federal Realty, which helped spearhead the interest among developers in urban Main Street mixed-use environments opened one of the most ambitious projects of its kind in the United States when it developed the $450 million, 42-acre mixed-use village-within-a-city, Santana Row.
Santana Row is a residential, office, shopping, dining, and entertainment district built around a main street in San Jose, California. The size and scope of Santana Row make it Federal Realty’s most significant development to date and one of the nation’s most notable mixed-use projects constructed by a single developer. Since its opening in 2012, Santana Row has firmly established itself as a thriving shopping and dining destination, combining office, residential and a 5-star hotel. The shopping center boasts a lofty 30,000 visitors a day, both local and global, and has created a sense of place in Silicon Valley.
Santana Row ranked third among the top 10 local searches by San Francisco residents in 2011, according to the San Francisco Chronicle. Santana Row’s pedestrian-friendly sidewalks consistently draw a desirable demographic of shoppers and diners. The location on the corner of Winchester and Stevens Creek Boulevards in San Jose is what attracted Federal Realty to this project. It is one of the most affluent areas in the country with the average household income more than $94,000, and visitors from Asia and Europe are increasingly spending time and money at Santana Row. With 70 shops and boutiques, average tenant sales since opening have increased 50% from $400 to $600 per sq ft, reaching levels comparable to the top fortress malls in the US. With over 20 restaurants, total food sales are approaching $100 million, with sit down restaurant sales over $900 per sq ft, as, or more, productive than restaurants in the country’s top urban locations. As sales increase so does the revenue generated for the city of San Jose. In step with Silicon Valley’s current economic resurgence, Santana Row’s upscale, 403 residential units are highly sought after, and its office space is fully leased to a diverse mix of businesses that value the campus-like amenities the property offers. Federal Realty is underway with a multiphase, $300 million expansion.
The combination of our close proximity to high‐quality Silicon Valley neighborhoods and the richly varied offerings of Santana Row make this an exciting place to live and work. Santana Row’s amenities include 20 restaurants, a Club One Fitness Center, two parks, two plazas, Hotel Valencia, 403 luxury rental apartments, 219 residential condominiums, nine spas and salons, on-going events including high-profile fashion shows as well as a wide range of high-quality retail shops. Expansion plans include a resort-style residential community of 212 rental homes, expected to be completed fall 2013. The addition of this residential community will bring the total number of rental homes at Santana Row to 615 which, along with 219 privately owned condos that Federal Realty sold in 2005-6, bring the total number of on-site residents to approximately 1,500. Plans are also being finalized for a Class-A Technology Office Building, to be built on at the corner of Winchester Boulevard and Olsen Avenue. The six‐story tower will house approximately 220,000 square feet of office area along with over 600 parking spaces. The office space is designed with large, open 36,000 square foot floor plates and ceiling heights over 13’ tall to provide superior natural light and is expected to receive LEED Gold certification. The building’s location on Winchester Boulevard in Santana Row provides easy access to and from Highways I‐280, I‐880 and 17. Plans are also being formulated for a “capstone building” at the end of Santana Row which will include a signature plaza, office and retail space, and below-grade parking.
Santana Row’s history is as spectacular as its Mediterranean-influenced architectural design, lushly landscaped parks and an array of shopping, dining and living choices. Santana Row was envisioned during those boom years as an upscale neighborhood of shopping and living, with a charming main street and central courtyard, restaurants, theaters and a hotel. It was deemed a “smart growth” strategy for the city and then-Mayor Ron Gonzales was confident in its future. Construction began in the summer of 2000 at the tired and dated shopping center formerly known as Town & Country Village. Despite the growing shadow of an economic downturn, the project continued, buoyed by statistics that showed the San Jose metropolitan area was still spending above the national average and ranked second in the U.S. in median household income, according to Claritas/Market Statistics. At the same time, the area’s large concentration of Asian and Asian Americans and their well-known penchant for designer goods made Santana Row a desirable draw for high-end retailers.
Today, Santana Row is a 1.5 million square foot mixed-use community that houses 622 residential homes, over 350 office employees, 70 shops and boutiques, 20 restaurants, 9 spas and salons, CineArts movie theatre and the Hotel Valencia. Federal Realty has developed the ultimate neighborhood to live, work and play and the community has embraced this concept for both economic and social reasons. Tenants include a Tesla Motors showroom; Eyeona, a tech start-up; and soon to open a new, two-story 27,570 square foot H&M store reflects its firm place in Silicon Valley as a must-visit destination for locals and visitors in the San Francisco Bay Area.
To learn more, watch Senior Vice President Mark Sopp discuss the making of Santana Row here.
SB Architects Mixed-Use and Retail Team: