While downtown San Jose’s urban core continues to recover from coronavirus-induced difficulties, positive news concerning a new university poised to bolster the city has emerged. The new school offers a substantial bright spot for the currently ailing real estate district.

Currently, California Miramar University is preparing to begin classes in the autumn of 2024, adding to the excitement in the area. The university’s parent company — India-based SP Jain Global Business Management — has reportedly signed a lease for a substantial space in downtown San Jose.

Through SP Jain Global Business Management, California Miramar University has leased a total of 20,600 square feet located at 505 South Market Street. The university’s parent firm is a private for-profit university with campuses positioned globally.

According to a release statement provided by SP Jain Global Business Management, “The university offers degree programs through distance education and a combination of online and classroom delivery.” The statement continues, “It is accredited by the Distance Education Accrediting Commission.”

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The university is slated to offer multiple programs geared primarily toward the business sector. 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.

San Jose Mayor Matt Mahan spoke on the addition of the university to San Jose’s urban core. He stated, “The best thing that can happen to a downtown is the arrival of a new university.”

Three commercial real estate firms have teamed up to arrange the final lease deal. These firms are Colliers, Kidder Matthews, and Cushman & Wakefield, who have come together to say that the two-story building is in downtown San Jose’s most hip and trendy district, SoFA.

Brokers with Colliers, John Kovaleski, David Buchholz, and VP Alexander Kovaleski were tasked with representing the landlord of the property, Design Acquisition Corp. Derik Benson of Kidder Matthews and Drew Arvay of Cushman & Wakefield represented the tenant.

The university stated that the school is currently accepting applications from students who wish to begin taking classes in the fall. The new university is expected to have enough space to accommodate 1,000 students.

The architects for the university site are Studio BANAA Architecture and Interiors. Construction is underway, and they are working to transform portions of the building into several state-of-the-art classrooms. According to the university, other renovations are set to become an ultramodern learning commons, a library, computer labs, and tiered lecture halls.

Reimagining the building is a forward-thinking approach to bolster the economy and help revitalize the area. According to the university, San Jose city planners moved swiftly to expedite the permit and approval process for the chosen site.

Mayor Mahan further applauded the move and expressed his excitement for the new university, saying, “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.”