Location: 87 N. San Pedro Street, San Jose, California
Project Cost: $15M
Project Size: 30,000 sf
Start/completion: January 2008/ October 2011
Developer: Urban Markets LLC
Asset Manager: MCM Diversified Inc.
Architects: JRDV Architects, Barry Swenson Builder Architectural
Contractor: Barry Swenson Builder
Financial Partner: Redevelopment Agency of the City of San Jose
San Jose’s oldest building, locked behind iron gates for decades like a museum piece, is now part of a hub of downtown activity.
The 1797 historic Peralta Adobe has been joined by one of San Jose’s newest buildings – and others from yesteryear – to form a venue for retail, dining and live entertainment.
Together they form San Pedro Square Market, an eclectic complex that is helping to revitalize downtown.
The historic Peralta Adobe sits next to an 8,000-square-foot plaza across from the two-story El Dorado Bakery building, a brick structure with open-beam ceilings built in the 1900s. The original ovens are now prominently featured in a dining area. On the west side of the property sits the 1950s Lusardi building.
There is a 4,800 square foot corrugated metal building attached that has been nicknamed “The Garage.”
Designed for micro-restaurants and stall-style boutiques, the market provides entrepreneurs a chance to open businesses with a minimal capital investment.
The city of San Jose contributed $5 million in redevelopment agency funds, half of which came in the form of a historic preservation grant, and half as a low-interest loan. An additional $1 million in city funds went toward public improvements such as wider sidewalks and improved pedestrian spaces.
The property has 18 tenants – mostly eateries.