Real estate development: McDonald’s to shut busy San Jose restaurant

SAN JOSE — McDonald’s has decided to close a decades-old
restaurant in San Jose after being unable to craft a new lease on a
site that’s ripe for future development, the dining titan

The McDonald’s restaurant, located at 2040 N. First St. in San
Jose, is slated to close at the end of September,� ending 40 years
of operations at that location, which is in the center of one of
Silicon Valley’s prime tech hubs and around the corner from a
future huge campus for Google.

“Despite our best efforts, we were unable to reach an
agreement with the landlord, who intends to sell the property for
redevelopment and therefore was unable to extend the lease
terms,†McDonald’s said.

The property owners of the restaurant site also own an adjacent
parcel where an E-Z 8 Motel operates at 2050 N. First St. The two
parcels could be combined into a roughly three-acre, rectangular

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The combined parcels would have plenty of frontage on North First
Street, one of San Jose’s busiest thoroughfares and the corridor
for a light rail line.

“We are saddened that the restaurant will close permanently on
September 30th,†McDonald’s said. “Our people are the heart
and soul of McDonald’s, and we are taking steps to support the
impacted employees during this difficult time, including extending
benefits and payroll for a period of time.â€


Source: FS – All – Real Estate News 1
Real estate development: McDonald’s to shut busy San Jose