SAN JOSE — A developer has switched gears on a proposed residential development with hundreds of units in San Jose and will build market-rate apartments rather than homes for seniors.
The proposed eight-story project would sprout at 313 Gifford Ave., according to documents on file with city planners.
277-unit, eight-story apartment building at 313 Gifford Avenue in downtown San Jose, concept.
Related Articles
South Bay industrial market shows strength with San Jose lease
Lender seizes former San Jose store site, housing project property
Flood-prone Napa property once proposed for luxury glamping resort hits the market for $5.9 million
Ultramodern Good Samaritan hospital is breaking ground in San Jose
PG&E sees major growth potential in San Jose as electricity demand rises
The development is expected to produce 277 apartments, which will all be offered at market rates, according to Erik Hayden, founder and managing partner with project developer Urban Catalyst.
Urban Catalyst has been finding success in its downtown development efforts recently.
In August, an affiliate obtained a $112.5 million construction loan to finance a 278-unit apartment complex at the corner of West San Carlos Street and Josefa Street.
During the spring, Urban Catalyst completed and opened a 176-room, eight-story Marriott TownePlace Suites hotel at 495 West San Carlos St.
“The type of housing that is viable for getting financing is primarily market-rate multifamily apartments,” Hayden said.
It’s tougher for developers to obtain financing for senior housing, student housing, and affordable housing, he said.
“It would be better for the community and our investors to build something sooner rather than later,” Hayden said.
