SAN JOSE — Two real estate allies are floating a plan to develop well over 400 homes next to a San Jose train stop, a project that would replace a large empty office building with affordable apartments and market-rate houses.
SummerHill Homes and Cypress Equity Investments are planning to build a 446-unit mixed-density residential community at 3550 N. First St. in San Jose, said Kevin Ebrahimi, senior vice president of development with SummerHill.
The two real estate firms have obtained a contract to buy a 5.9-acre site that includes the vacant office building, a surface parking lot and some empty land.
The housing development would consist of 373 affordable apartments for rent and 73 townhouse-style condominiums that would be for sale at market rates, according to Ebrahimi…