Upscale shopping and upscale condos, complete with large-corporation-owned "arthouse" movie theater.
It's very much an artifact of the "dot com" boom, as it offers a place for people with too much money to mitigate that problem.
During construction, it was the site of the largest structure fire in San Jose's history. Some local residents believe it would have been better for the community had it been left as charred ruins. Others enjoy the environment carefully engineered to replicate the look of "Old World" cities, despite the lack of actual community spirit.
Addendum: A friend of mine upon viewing a construction worker using a spark emitting saw casually predicted, "That place is gonna burn down" hours before it did. And yes, he does feel guilty.