The Big Top is back at 737 N. San Pedro St (the corner of Taylor Street, immediately by Hwy 87 on-ramp). Cirque du Soleil presents Ovo, a spectacular show based on the life of bugs that are disrupted when a gigantic egg appears in their home. It reminds me of the soda can that reeked havoc in The Gods Must Be Crazy expect in Ovo, the mysterious soda can is this egg that draws mystery and is a host to an array of surprises.
From February 4 - March 7, the Silicon Valley Business Journal reports over 135,000 people will attend Ovo. For a concrete lot that typically sits vacant or at best holds San Jose employee vehicles, having Cirque for a few weeks is not a bad use. But as any real estate professional might ponder, is it the "highest and best use" for a vacant 4.85 acre San Jose lot?
Using recent San Jose land comparisons, the lot could be valued at approximately $100 per square foot, or a translated value around $21m. It sits in a prime location with easy freeway access, sits about 300 yards away from the nearest light rail stop and is less than a mile from Downtown San Jose condos. For a mixed use residential or commercial project, the size and shape is close to ideal; it is a near rectangle and with nearly 5 acres to develop; the potential added value is huge.
It's hard to argue with Steven Brewster though, the City's economic development officer who estimates $20.5m is injected revenue directly from the show's 7 week run.
The San Jose lot is a unique case. For the majority of the year, it's used as an overflow parking lot but in the 50 or so days Cirque du Soleil is in town, a $20.5m revenue injection is not all bad and makes up for the 315 days it sits drastically underused.
Don't we all wish we were the lucky owners of that 4.85 acres....