Downtown San Jose senior apartments push ahead with new property deals
Developer buys all the land it needs for big complex
SAN JOSE >> The purchase of several key parcels in downtown San Jose is helping a developer push ahead with a senior residential development near Google’s transit village.
The project, known as Delmas Senior Living, is in the late stages of final development approval by San Jose city officials and
is planned for a site a short distance from Google’s proposed mixed-use neighborhood Downtown West.
Urban Catalyst, a busy developer that is active in downtown San Jose, bought seven parcels near the corner of West San Carlos Street and Gifford Avenue, documents filed on June 30 with the Santa Clara County Recorder’s Office show.
Acting through affiliate Delmas Senior PropCo, Urban Catalyst paid $9.8 million for the properties, which have addresses ranging from 462 through 470 W. San Carlos St. and 321 through 329 Gifford Ave., according to the filing with the county.
Urban Catalyst obtained from West Bay Capital a loan of $6.86 million to finance the purchase of the properties, the public records show.
“Delmas Senior Living is coming right along,” said Erik Hayden, founder and managing partner with Urban Catalyst. “Construction is going to start around September or October.”
The residential development is slated to consist of 165 units, of which 49 will
be dedicated to memory care units, according to Urban Catalyst.
Delmas Senior Living will offer residents a mix of studios and one- and two-bedroom assisted-living units, along with the memory care studios.
“This project will have state-of-the-art amenities,” Hayden said.
A fitness center, hair salon, meeting centers, and private dining rooms are slated to be among the amenities.
The complex will be a fully licensed senior care community, according to Jason Reyes, chief executive officer of Calson Management, the community’s operator.
“Delmas Senior Living will accommodate residents with independent active lifestyles, assisted living needs, and memory care services,” Reyes said.
San Jose-based Urban Catalyst was formed to create funds that investors can use to capitalize on tax advantages provided by opportunity zones. The funds can be used for individual projects to help trigger construction loans and other financings for the endeavors.
“We are out in the market right now looking for the financing we need to get this project developed,” Hayden said.
This sort of residential complex is badly needed in downtown San Jose, Hayden said.
“We haven’t built a senior living facility in downtown San Jose in 30 years,” Hayden said. “We want our seniors to have easy access to all the cultural amenities in the downtown.”