(EDITOR’S NOTE: According to public documents, Urban Catalyst paid $9.5 million for the site. In two other acquisitions, Urban Catalyst spent $16 million and $15.9 million to acquire 49 N. 4th St. and 147 E. Santa Clara St., respectively).
The Property is Part of the Company’s Second Opportunity Zone Fund, Focused on Ground-Up Development in Downtown San Jose
SAN JOSE, Calif.–Urban Catalyst, a Silicon Valley premier Opportunity Zone Fund, announced today that it has secured another parcel for two ground-up development projects in downtown San Jose. The property, at 77 N 4th Street, is the third of four needed for the Icon/Echo development. The fourth is under a binding option to purchase and scheduled to close at the end of 2022.
The epitome of transit-oriented development, this office and residential project is yards away from the future Bay Area Rapid Transit (BART) Station, across the street from City Hall and only a block away from San Jose State University. It’s differentiated by a design with large floor-plates, adequate parking and planned rooftop gardens. The project is located along the city’s main boulevard, providing easy access to many key locations in the downtown San Jose area.
“Our Icon and Echo projects will help meet the strong demand we’re seeing as Silicon Valley tech companies increasingly migrate to San Jose,” said Erik Hayden, Founder and CEO at Urban Catalyst. “The location of the site is ideal for smart, transit-oriented development.”
“Bringing a prominent office project to life along Santa Clara Street, along with our residential tower to the north, exemplifies the future of urban vibrancy and will ultimately bring a higher quality of life for our residents and office tenants,” said Joshua Burroughs, Urban Catalyst partner and Chief Operating Officer. “This development will integrate into an accessible and walkable neighborhood, offering every amenity possible at your doorstep.”
Icon will feature over 420,000 square feet of office space, while Echo will consist of more than 300 units of multifamily apartments. The buildings will be funded through Urban Catalyst’s Opportunity Zone Fund II, which is currently open to investors.
Construction on the site is expected to begin in 2023.
About Urban Catalyst
Urban Catalyst is focused on ground-up development projects in downtown San Jose. In 2020, Urban Catalyst surpassed their fundraising goal, securing $131 million from investors during its first round. Forbes and the Sorenson Impact Center recognized Urban Catalyst as one of the top 10 Opportunity Zone Funds in the inaugural Forbes OZ 20.