Reopenings: San Jose reopens restrooms at city parks.
SAN JOSE >> A proposal for a new apartment complex near downtown San Jose’s Google transit village has been submitted to city planners, a development that suggests some projects are moving forward despite coronavirus-spawned economic uncertainties.
Urban Catalyst, an upand-coming developer in Silicon Valley, has proposed a 157-unit apartment complex near the corner of West San Carlos Street and Gifford Avenue a short distance from the large, mixed-use neighborhood proposed by Google that’s called Downtown West.
“Other developments have stalled during the pandemic,” said Erik Hayden, founder of development firm Urban Catalyst, adding that his company intends to push ahead. San Jose-based Urban Catalyst is a real estate firm formed to create an investment fund that can capitalize on tax savings made possible by opportunity zones.
Just down the street from the site of the proposed Madera @ Downtown West apartments, Google has proposed a transit-oriented community of office buildings, hotel spaces, homes, shops, restaurants, cultural amenities, entertainment hubs, and open spaces where the search giant would employ 25,000 people near the Diridon train station and SAP Center.
“Madera is our first multifamily project to be formally submitted and will bring much needed residential housing to the heart of San Jose,” Hayden said.
All told, Urban Catalyst aims to undertake property development ventures in downtown San Jose with a combined value of $700 million. The company’s eclectic endeavors include a project to replace the long-shuttered Camera 12 movie complex on South Second Street with offices and dining spaces.