The center was redeveloped in the early 1990’s as a low density (25% FAR) big box power center. Unfortunately, today the center is no longer working as it was designed to be. In today’s dynamic and experiential retail market, this center is considered an outdated model of retail, as evidenced by the ~30% overall vacancy rate.
We purchased El Paseo in 2019 with the understanding that certain changes need to be made to return the property to a viable and economically healthy center, as it has been in the past.
We believe that with a more efficient use of land, the center could create more economic, employment, and housing opportunities. This would not only serve to help the remaining retailers, but also could serve as a new community gathering place. While we are still considering various options, our intent is to incorporate the following goals:
- Revitalize the center and create a vibrant and active project that serves both the immediate neighbors and the larger San Jose community.
- Activate the center to create vibrant customer experiences.
- Offer complimentary uses to the benefit of existing and future retailers.
- Consider a variety of uses that would contribute to a synergistic mixed-use project, including new retail (particularly more food and beverage users), housing, office, and entertainment uses.
- Redesign the center’s circulation to create a pedestrian friendly environment where employees, residents, guests, and the general public can comfortably and safely walk within the project.