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Real estate division reports $3.77 million revenue, dozens of project wins and land deals for parks and housing
Summary
Real Estate Services gave its annual FY23–24 update: revenue exceeded targets, 140 projects completed, multiple land deals advanced homelessness response and park expansion; the committee accepted the status report.
Kevin Ice, director of Real Estate Services in the Office of Economic Development and Cultural Affairs, presented the division’s FY23–24 annual activities and performance metrics to the committee.
Major results - Total revenue: $3,768,646 (facility and telecommunications leases plus surplus sales), exceeding targets. - Transactions and projects: 140 real estate projects completed, including acquisitions, easements, leases and surplus sales. - Surplus sales revenue: approximately $867,000 (target $600,000); one notable transaction was a property sale in exchange for roughly 5.59 acres of parkland from San Jose Water Company, plus cash. - Facility lease revenue: approximately $1,295,000 (target $1,100,000); notable leases included new operators in downtown sites near San José State University and renewals such as Whispers Cafe and Creperie adjacent to the Hammer Theatre. - Telecommunications revenue: approximately $1,600,000; staff described churn from wireless mergers (Sprint/T‑Mobile) and new leases with other carriers as revenue drivers.
Project highlights - Homelessness response: ground leases completed for tiny‑home sites (one site with capacity for 200 tiny homes on VTA property; another 100 units on a Sperrato Foundation site); acquisition of the McEvoy property with capacity for approximately 365 units to support permanent affordable housing; extended ground lease with the county for the Haven Cooperative Housing Project. - Parks: property swap and land transfers that add acreage for future Del Monte Park expansion and secure parcels that will allow vacation of Home Street for park buildout. - Transportation and major projects: acquisition of 150 Montgomery (public parking) and support for VTA acquisition of the Apollo property to preserve the Diridon station footprint and high-speed rail routing.
Committee action Councilmember Casey moved approval of the report and the committee approved the staff status report; staff offered to share vacancy and market-rent information with committee members for strategic planning.
Ending Ice recommended acceptance of the status report; the committee voted to accept the report and staff will follow up with requested vacancy and market rent listings.
