(EDITOR’S NOTE: The Camera 12 property, located at 201 S. Second Street in San Jose, traded for $24.1 million, according to industry reporting.)
SAN JOSE, Calif., Dec. 23, 2019 – San Jose-based Urban Catalyst, a ground-up real estate development fund focused on opportunity zones, made three major announcements this week.
Vacant building to be transformed into vibrant office & retail space close to transit
Urban Catalyst announced that they have closed on a property at 201 S. 2nd Street in downtown San Jose. Currently a vacant building, The Paseo property is slated to be transformed into a combination of 65,000 square feet—three floors—of office space over 20,000 square feet of ground floor retail.
“This is an exciting time at Urban Catalyst as we move forward with another opportunity zone project in downtown San Jose,” said Urban Catalyst founder Erik Hayden. “We’re looking forward to activating the Paseo De San Antonio pedestrian mall with in-demand office and retail, breathing new life into this critical corner of downtown.”
With planned positioning as tech office space and located adjacent to VTA Light Rail, this transit-friendly property is ideally located next to the Fairmont Hotel, the Hammer Theater, the popular SoFA district, San Jose State University, and the Fairmont Plaza. In coordination with Urban Community, the project is expected to break ground in 2020 with projected completion at the beginning of 2021.
“Working with Urban Catalyst, we plan to make over this underutilized space to better reflect the community and create a positive urban environment,” said Urban Community developer Gary Dillabough. “We want to help this area come to life.”
Plans submitted for Keystone property, future site of Marriott TownePlace Suites
Urban Catalyst submitted a site development permit for the Keystone property at 491 W. San Carlos Street, the future site of a Marriott TownePlace Suites. In July, Urban Catalyst purchased the property, located 200 yards from the recently announced Downtown West Google campus and Adobe’s global headquarters, and steps away from the SAP Arena and Diridon Station—the largest multi-modal transit hub on the West Coast.
“This is a big step toward adding more hotel solutions to Downtown West where options are currently limited,” said Urban Catalyst founder Erik Hayden. “This hotel will offer high-level services to the business community and visitors to our area.”
Partnering with TMH hotels, Urban Catalyst plans to activate “The Keystone” property by building a new, select service, 170-room business hotel. The TownePlace Suites brand features a laid-back modern design offering studio, one-bedroom and two-bedroom suites with fully equipped kitchens, and organized closet units from The Container Store, providing thoughtful spaces for both living and working. Future amenities at this site will include an outdoor courtyard and BBQ/recreation area at podium level, a rooftop deck, an onsite gym, 160 onsite parking stalls for guests, onsite laundry, a breakfast/dining room, and an onsite business center. Currently pre-zoned and pre-general planned for mixed use, construction on this property is expected to start in Q3 2020.
“We are excited to be involved in another project in San Jose and have the chance to be part of all of the excitement of Downtown West,” said Walter Brosch of TMH Hotels, the hotel operator. “This TownePlace Suites will help us to offer more complete coverage for the area.”
Preliminary plans submitted for 28-story mixed-use project in downtown San Jose
Urban Catalyst has submitted preliminary plans for its property at 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 20 stories of residential with 300+ units and 4 stories—120,000 square feet—of office space, as well as 4 stories of parking. Possible amenities include a flexible community space for residents. Currently a Chevron gas station, the land is pre-zoned and pre-general planned for mixed use.
“Fostering a more connected community, this transit-oriented development will offer housing and office space within walking distance of downtown amenities,” says Urban Catalyst founder Erik Hayden. “Close to restaurants, businesses, San Jose State University, VTA light rail, and the planned BART station, this project is the true definition of transit-oriented development.”
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.
With a dedicated impact strategy, Urban Catalyst continues to acquire and submit plans for a diverse set of projects in the downtown core of San Jose.
About Urban Catalyst
Based in San Jose, Urban Catalyst is a real estate equity fund focused on ground up development in opportunity zones. 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.