Earlier this week, The Mercury News shared some exciting updates on the updated plans for one of the most exciting projects taking place in downtown San Jose: Museum Place.
According to the article, city officials approved an agreement last summer with a group called Insight King Wah, who had intended to develop the site. Originally, the work was to be financed by China New Era Group, a China-based business conglomerate, however, these plans fell through in early 2018.
Consequently, realty entrepreneur, Gary Dillabough, has purchased the development agreement and is in the early stages of transforming Museum Place. Dillabough’s name may sound familiar, as he is an active investor in downtown San Jose, owning more than $100 million worth of real estate, including the Bank of Italy building and the Fountain Alley parking lot.
With regards to Museum Place, Dillabough’s goal is to transform the site into “a standout location that the City of San Jose can look to with pride,” as stated in the same article by San Jose’s economic development director, Kim Walesh. (Evidently, the City has become involved in the site’s development because it owns the land at the existing Parkside Hall on Park Avenue, next to The Tech.)
The new proposal from Museum Place Owner, Dillabough’s group, includes plans similar to those of Google and Adobe, in the sense that the site will include office buildings that can be easily accessed via the Diridon transit station. Interestingly, though, Dillabough has additional plans in mind to help achieve his goal of transforming Museum Place into a more notable landmark.
According to Walesh’s city memo regarding the project, she explained, “The developer (Gary Dillabough) recognizes that downtown San Jose has a limited supply of Class A office in a prime location close to Diridon Station… As a result, the developer has indicated an intention to focus on office, retail and the Tech Museum expansion space… Mr. Dillabough understands that the cornerstone to the Museum Place project is the substantial expansion to the Tech Museum of Innovation.”
Dillabough is eager to revitalize the theater district, and is quoted saying, “Museum Place could energize that area and create some momentum there.” After learning about the changes Dillabough plans to make to Museum Place, it seems quite possible he will achieve his goal.