SAN JOSE, Calif., Sept. 5, 2019 — Urban Catalyst, a multi-asset opportunity zone fund based in San Jose, announced a joint venture with Thang Do, FAIA, CEO of San Jose-based Aedis Architects, to develop the property at 470 W. San Carlos Street in downtown San Jose. As an architect and urban entrepreneur behind the popular SoFA Market, Do has been very active in the current revival of downtown San Jose and is passionate about improving the urban quality in the city. Aedis Architects will be the design architect for this development.
Multiple development projects have been discussed as possibilities for the joint venture. Two potential concepts include a senior living facility and a mixed-use building. With a shortage of senior housing locally, a senior living project in downtown would be a crucial step in addressing the critical need for assisted living and memory care. Rounding out the vision, a mixed-use community featuring multi-family units over retail space would create an attractive option for young professionals. Urban Catalyst and Do plan to work closely with the community, engaging in open dialogue as they determine the best possible aesthetics and use for the property.
“It’s great to partner with the Urban Catalyst team to continue pushing the envelope on making this center of Silicon Valley a vibrant and interesting urban environment,” said Do. “Downtown San Jose shows so much promise and we have the opportunity to contribute to that effort.”
Down the street from the proposed Google Village and within steps of Urban Catalyst’s latest acquisitions at the corner of West San Carlos Street near Josefa Avenue, this project is in line with the company’s concentrated approach of focusing on projects within walking distance of each other. These properties will play off each other, boosting downtown, which is unique to the Urban Catalyst impact strategy. This partnership with Do adds to Urban Catalyst’s development effort in the downtown San Jose Opportunity Zone. The company is on track to acquire a diverse set of projects in the downtown core as it rapidly closes in on their goal of raising $250 million.
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, and industrial investment projects—Urban Catalyst is focused on advancing and improving the community while earning investors advantageous financial returns.