Canyon Creek Plaza in San Jose to Add Retail Building
Canyon Creek Plaza in San Jose to Add Retail Building
A proposal to add 8,413 square feet of commercial space to the main retail center of the affluent Silver Creek Valley district has gotten an environmental green light from San Jose city planners.
The owners of Canyon Creek Plaza are proposing to add a single-story structure on what is now a portion of the parking lot in the southeast corner of the 62,724-square-foot retail center. The center is anchored by a New Seasons Market grocery store, Mexico Lindo Restaurant & Bar and Starbucks Coffee. John Tu, San Jose city planner, said rezoning the property from Planned Development to Commercial General Planned Development will allow the expansion of the plaza and a variety of retail, commercial, health care and office uses in the new building. The maximum building height allowed is 27.5 feet.
Tu said the proposal will be reviewed by the city’s Planning Commission, but must ultimately receive approval from the San Jose City Council. Planners have deemed that the plaza expansion will not cause a significant environmental impact. The public can comment on the project’s environmental review, called a Mitigated Negative Declaration, until Jan. 8.
A spokesman for the retail center’s owner, Canyon Creek Plaza LP, could not be reached for comment. Tom Nelson, vice president in the San Jose office of Colliers International and a retail specialist, said the Canyon Creek Plaza expansion should provide some much-needed additional retail space in San Jose’s east and southeastern residential areas.
“This is an area of the city that has long been underserved from a retail perspective,” Nelson said. “The (New Seasons) supermarket has done very well there and the (Canyon Creek) plaza has provided an important neighborhood shopping resource. But many of the more affluent residents in that part of San Jose often will go to other parts of the city, like the Almaden area, to do their shopping. So, there is some real unmet demand for more retail closer to home.”
Nelson said another popular new shopping destination for Silver Creek Valley residents is even closer to home than Almaden—the sprawling Village Oaks shopping center five miles to the south along Cottle Road that opened in 2014 and is anchored by Target, Petco, Marshalls and Safeway.
Nelson said he expects retailers seeking Silver Creek Valley’s desirable demographics will be interested in the plaza. According to the San Francisco Association of Realtors, Silver Creek Valley has more than 40,000 residents with a median annual household income of about $129,000.
