San Francisco, CA – (March 28, 2016)

GID announced today the formation of a joint venture partnership with The Hanover Companies to develop Hanover Cannery Park, a luxury apartment community located in the Japantown neighborhood of San Jose, California. Construction is set to begin this summer after the demolition of the existing structures on the site. The first residences are anticipated to be available in early 2018. This joint venture is the first in the Bay Area, and the fifth overall between GID and The Hanover Companies.

The mixed-use building will include 403 apartments and approximately 5,000 square feet of ground floor retail space. The four-story property will feature four resident courtyards with a resort-style swimming pool, fire pit and an outdoor kitchen. Other amenities include a fitness center, club room, and large lobby with a lounge area. As part of this development a one acre park will be constructed at the northern end of this site. The luxury residences will feature a mix of nine and ten-foot ceilings, solid surface countertops in kitchens and baths, stainless steel appliances, and hardwood floors in the living areas.

The 7.16 acre development site is located in the Japantown neighborhood of San Jose at the corner of Taylor and 10th Street. The site enjoys exceptional access to the interstate system and is one mile north of downtown San Jose and San Jose State University. Future residents will benefit from the proximity to the Japantown retail corridor and the bars and restaurants of San Pedro Square.

Matt Stuart, Senior Vice President and Director of Western Region Acquisitions at GID commented, “GID is pleased to expand our relationship with The Hanover Companies to Northern California. This is large and efficient development with great access to the substantial employment in Silicon Valley. We expect the combination of this location and Hanover construction quality will be well received by Silicon Valley renters.”