This is a field of dreams groomed by the city of San Jose for about a decade. Now, the owner of the 31 acres near Brokaw Road and 101 is ready to play ball. The developer is just an administrative rubber stamp away from its site development permit. The estimated $700 million development would be the largest project since the dot-com boom went bust.
The plan is to knock down Bay 101 when the card club moves to another location. It would include 10 seven story towers with a total of 2 million square feet of space. The campus could accommodate more than 8,000 employees -- making it one of the biggest employers in San Jose.
The city is giving away millions in tax breaks for the project but figures to make up for it with added tax revenue in the future. It would provide about 7 million in annual property taxes -- not to mention the utility, sales and other taxes that would come in from new workers. Mayor Chuck Reed says this is a huge company, but stops short of saying which company is moving in.
"I may be the only person in city hall that knows, it's obvious that other people know but I think I'm the only one in city hall who knows. They've asked me to keep it confidential and I will," said Mayor Reed.
No timetable has been given for when the project will begin.
