Hundreds of affordable homes eyed near light rail station
Developer buys property to build residential complex
SAN JOSE >> More than 200 affordable homes could be built in east San Jose under a plan that's being fueled by a site proposal and purchase of the land needed for the project.
Community Development Partners has proposed the development of affordable homes at 525 N. Capitol Ave., according to a preliminary proposal submitted to San Jose planners.
Separately, an affiliate of Community Development Partners has bought the project site, paying $6.5 million for the property, documents filed on Dec. 23 with the Santa Clara County Recorder's Office show.
Newport Beach-based Community Development also obtained a loan of $9.75 million from Community Housing Fund at the time of the property purchase, the county records show.
The project site is a short distance from a light rail station and the interchange of Interstate 680 and Mckee Road in east San Jose.
The housing development also would be across the street from Capitol Square Mall, whose primary stores are Target, Ross and Walgreens.
The preliminary plans that the property owner has filed envisions three potential options for the development. Each option would lead to a different number of residences.
One option proposes 160 homes, a second option points to 172 homes and the third option would lead to the development of 208 homes.
The proposed development would be either four stories high or five stories high, depending on the scenario that is ultimately approved by city officials.
Under all three scenarios, the development would consist of a mix of studios, two-bedroom and three-bedroom units, according to the preliminary plans.
“Community Development Partners is pursuing select opportunities to develop unique new ground-up housing and mixed-use solutions” and to “preserve, renovate, and enhance existing affordable multifamily properties,” the real estate company says on its website.
The company says that its projects are designed to go beyond the narrow scope of residential developments.
“Our infill communities are more than just housing,” Community Development Partners stated on its website.
“Our designs focus on creating activated centers of culture and education for the surrounding community in addition to fulfilling the basic housing needs of our residents.”