S.J. residential project moves forward
Urban Catalyst pushes ahead with The Mark, located downtown
SANJOSE>> A busy developer is determined to navigate past coronavirus potholes and will move ahead with plans for a striking residential tower that would sprout in a hip and trendy district of downtown San Jose.
The Mark, one of several projects in downtown San Jose being developed by Urban Catalyst, is slated to begin construction during 2021 if the tower wins the approval of city officials.
“This is the type of investment that is so greatly needed in downtown San Jose, to generate economic stimulus and to provide much-needed housing,” said Erik Hayden, Urban Catalyst’s founder.
The 20-story residential tower will offer a mix of 222 units, including studios, and units with one, two, three, and four bedrooms.
Located at 475 S. Fourth St. between East San Salvador and East William streets, the project is about a block from San Jose State University.
“It’s great to see development planned for this part of downtown San Jose,” said Bob Staedler, a principal executive with San Jose-based Silicon Valley Synergy, a land-use consultancy. “It’s a sharp-looking building that will provide desperately needed housing in San Jose.”
The Mark also would be in the South First Area district, also known as SoFA, which normally is a bustling area of nightspots, restaurants, entertainment sites, bars, and theaters.
San Jose-based Urban Catalyst was formed to capitalize on the tax benefits conferred on companies that undertake substantial development projects in specified geographic areas that are known as opportunity zones. Created through a 2017 tax reform plan initiated by President Donald Trump, the opportunity zones include nearly all of
downtown San Jose.
Despite the economic uncertainties that have been ushered in by the coronavirus, Urban Catalyst decided to proceed with a proposal to obtain a permit to develop The Mark residential tower.
“We aren’t going to let a pandemic slow down our work,” Hayden said.
All told, Urban Catalyst is planning at least $700 million worth of development projects in downtown San Jose.
Among the projects: Paseo, a wide-ranging endeavor to transform the long-shuttered Camera 12 cinemas on South Second Street into a complex of offices and dining spots. Construction on Paseo began early this year. The exterior walls of the old Camera 12 complex will be retained while a major renovation proceeds inside.
The Mark is one of several residential projects that Urban Catalyst plans in downtown San Jose. In addition to creating more housing in Silicon Valley, The Mark conforms to the city’s goals to spur greater densities in San Jose’s urban heart.
“This is all part of San Jose’s evolution of building up and not out,” Staedler said.