SAN JOSE — Downtown San Jose has landed a new university that is poised to bolster the city’s urban core as it battles to recover from coronavirus-induced maladies and a welcome bright spot for the ailing real estate sector.
California Miramar University is slated to launch classes in the fall of 2024 as a result of a lease that its parent company has signed for a large chunk of space in downtown San Jose.
The university, through its parent firm, India-based SP Jain Global Business Management, has leased 20,600 square feet at 505 South Market Street in San Jose. SP Jain Global Business Management is a private for-profit university with campuses worldwide.
“The university offers degree programs through distance education and a combination of online and classroom delivery,” SP Jain Global stated in a release. “It is accredited by the Distance Education Accrediting Commission.”
The university’s program offerings include Associate of Business Administration, Bachelor of Business Administration, Master of Business Administration, Master of Business Administration specialized in Data Analytics, Master of Artificial Intelligence, Master of Computer Information Systems, and Doctor of Business Administration.
“The best thing that can happen to a downtown is the arrival of a new university,” San Jose Mayor Matt Mahan said.
The two-story building is located in downtown San Jose’s hip and trendy SoFA district, according to commercial real estate firms Colliers, Kidder Mathews and Cushman & Wakefield, which teamed up to arrange the lease deal.
Colliers brokers John Kovaleski, David Buchholz, and Vice President Alexander Kovaleski represented the landlord, Design Acquisition Corp. The tenant was represented by Derik Benson of Kidder Matthews, and Drew Arvay of Cushman & Wakefield.
The new university will have enough capacity to accommodate 1,000 students. The school is accepting applications for students to begin taking classes this fall, the university stated.
Construction is underway to deliver state-of-the-art classrooms, learning commons, a library, tiered lecture halls, and computer labs to the building, according to the university. Studio BANAA Architecture and Interiors are the architects for the university site.
The university said San Jose city planners expedited the permit and approval process for the site.
“California Miramar University means hundreds of new students living, studying, and supporting businesses in our city’s core, breathing life back into the heart of San Jose,” Mayor Mahan said.