Future Office and Residential Project will Create Housing, Jobs and Investment in Downtown San Jose
SAN JOSE, Calif., Feb. 17, 2021 — Urban Catalyst, Silicon Valley’s leading Opportunity Zone Fund, today announced it has launched its second real estate Fund. This Fund will feature the Icon/Echo project, which will provide downtown San Jose with more than 300 multifamily rental units and 420,000 sq. ft of office space upon completion.
Through the formation of Fund II, Urban Catalyst will continue to help play a vital role in helping alleviate Silicon Valley’s housing crisis while spurring economic development. Icon/Echo will be located in the heart of downtown San Jose at Fourth and Santa Clara Streets, just yards away from the future Bay Area Rapid Transit (BART) Station. It’s also only yards away, in close proximity to City Hall and San Jose State University.
“This project has an ideal location in downtown San Jose on the main drag next to a mass transit station,” said Erik Hayden, Founder of Urban Catalyst. “We are utilizing some of the best architects in the country to design a beautiful building that has fantastic functionality for our future tenants.”
The launch of Fund II comes on the heels of Urban Catalyst closing its successful Fund I in 2020, which raised $131 million. Fund II aims to raise $200 million and will remain open to investors until Dec. 24, 2024.
About Urban Catalyst
Urban Catalyst is focused on ground-up development projects in downtown San Jose. In 2020, Urban Catalyst raised $131 million from investors during its first funding round. In 2019, Forbes and the Sorenson Impact Center recognized Urban Catalyst as one of the top 10 Opportunity Zone Funds in the inaugural Forbes OZ 20.