SAN JOSE, Calif., Aug. 7, 2019 – Urban Catalyst, a multi-asset opportunity zone fund based in San Jose, announced it has acquired its fourth property, 147 E. Santa Clara Street. Located across from city hall, and 100 yards from the future Bay Area Rapid Transit (BART) station, the project is expected to include more than 250 units of multi-family apartments and 7,500 square feet of ground-floor retail space. Currently a Chevron gas station, the land is pre-zoned and pre-general planned for mixed use.
(Editor’s Note: According to published reports, the property sold for $15.9 million.)
“This project is the definition of transit-oriented development, since it is within walking distance to downtown amenities including businesses, restaurants, San Jose State University, VTA light rail, and the planned BART station,” said Urban Catalyst Partner Josh Burroughs. “By building this project near transit, we are encouraging a more connected community.”
Dubbed “The Icon,” this mixed-use building will be aimed at residents looking for a blend of the urban environment offered by Silicon Valley, while also seeking easy access to public transportation options.
Urban Catalyst is partnering with Vahe Tashjian, managing director of Dutchints Development, on this project, and is coordinating with Urban Community founders Gary Dillabough and Jeff Arrillaga on the user experience for this vertical community.
“Located right in the heart of San Jose, as close to main and main as possible, this project allows us to maximize the number of walkable amenities offered,” said Tashjian. “As part of our overall plan, we will increase the likelihood of walking, which will directly benefit the health and social vitality of downtown.”
“We are excited to help shape the vision for this project to ensure the property becomes a piece of the puzzle pushing us closer to revitalizing downtown San Jose into a truly great community,” said Dillabough.
With four acquisitions in the downtown San Jose opportunity zone and a team of skilled, local professionals working on its team, Urban Catalyst is rapidly advancing its holistic strategy to turn opportunity into impact.
About Urban Catalyst
Based in San Jose, Urban Catalyst is the first multi-asset opportunity zone fund in the Bay Area focusing on downtown San Jose. Employing a world-class team of experienced local professionals to build out impact investment opportunities—multi-family, office, hospitality and mixed use projects—Urban Catalyst is focused on advancing and improving the community while earning investors advantageous financial returns.