Deal highlights growth of new urban living environment in city center
Chicago, Ill. — Kinship Capital, in a joint venture with SIMEON Commercial Properties, has closed on a new land investment designated for a mixed-use residential and retail building at the northwest corner of Post Street and North San Pedro Street in San Jose, Calif. This mixed-use development is emblematic of the growing need within the San Jose market for a new urban living environment that will provide Silicon Valley with a vibrant mix of entertainment, arts, restaurants, culture, and transportation.
The joint venture, Post Street Tower LLC, was formed to develop a new class A multifamily high-rise in the downtown area. Notably, the project will include an approved 182-unit residential tower with 230 parking stalls and 7,000 square feet of retail space. Post Street Tower LLC will build on the growing vibrancy of the downtown San Jose market, positioning the high-rise at a superior location within easy walking distance to all downtown civic, entertainment, transportation, shopping, dining and cultural
“As the downtown district continues to drive economic and cultural prosperity for the greater San Jose area, we are excited to accelerate that growth with the expansion of high-rise living in the city,” said Nick Thomson, Principal, Kinship Capital. “We look forward to continuing to strengthen our relationship with SIMEON while reinforcing our commitment to being an innovative, growth-oriented and duration-driven investment partner.”
“At SIMEON, we are thrilled to enter into this new venture, which we are confident will create strong returns for our investors and partners and continue our commitment to excellence,” said SIMEON Chairman Russ Pitto. “We look forward to continuing our partnership with Kinship and engaging in the growth of a thriving residential and retail market.”
Post Street Tower LLC intends to break ground in early 2016 and deliver to the market later in 2017.
About Kinship Capital
Kinship Capital is a private real estate investment firm founded on 125 years of family business success. The company makes growth oriented and duration driven investments in the U.S. across a variety of product types including office, retail, multi-family, hospitality, and industrial real estate. The Kinship team has built an institutional scale portfolio while retaining an entrepreneurial approach to the investment process.
Kinship’s structural flexibility and 50 year investment horizon regularly prove to provide a unique competitive advantage in the marketplace. Building on seven generations of family legacy, Kinship Capital is committed to the next century of success.
About SIMEON Commercial
SIMEON Commercial is a San Francisco-based real estate development and investment firm with over 30 years of experience in planning, developing, constructing and managing office, retail, multi-family, bio-tech, and industrial properties in Northern California.