Business

Big hotel planned in north San Jose’s Alviso district near river, entertainment hub


SAN JOSE — A large hotel that’s planned for San Jose’s Alviso district would be perched on the banks of the Guadalupe River and rise next to an entertainment and retail district with golf-oriented options, according to a new development proposal on file with city officials.

Estuary @ Terra is the current name of the hotel, which would be five stories high and be located on North First Street near Bay Vista Drive and north of State Route 237 in San Jose, the city planning files show.

The hotel property was bought in July by Mirae San Jose, an affiliate of South Korea-based hotel operator Shilla Hotels & Resorts, which in turn is a unit of Samsung Group. Shilla Stay is expected to be the brand for the hotel.

The owners of the hotel property paid $22.5 million for the hotel site, according to Santa Clara County documents filed in July. At the time of the purchase, the buyer also obtained a loan of $26.4 million from South Korea-based KEB Hana Bank, the county records show.

The proposed hotel would contain 215 rooms and be located near 4701 N. First St., the city planning documents show. The hotel site totals three acres.

Constructed on the hotel is slated to begin in the spring of 2021 and be completed by the summer of 2022.

The entertainment district that is being planned for the area would sprout on 40 acres and front on North First Street between Nortech Parkway and Gold Street.

One of the unique components of the entertainment district that Milpitas-based Terra Development is planning: a Topgolf high-tech recreational complex.

Dallas-based Topgolf operates high-tech driving ranges that allow people to hit golf balls equipped with microchips that record distance and accuracy. The venues typically also include dining and drinking establishments.

“We are under construction and will be opening in San Jose next year,” Morgan Schaaf, a spokeswoman for Topgolf, said in comments that were provided for a previous story about the Topgolf proposals. “We can’t wait.”

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Source:: The Mercury News – Business

      

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