(EDITOR’S NOTE: According to reporting by the San Jose Mercury news, the transaction closed on Mary 10th for $6.9 million, according to public documents.)
SAN JOSE, CA (May 14, 2019) – Urban Catalyst, a multi-asset Opportunity Zone Fund based in San Jose, announced they are the first to close on an Opportunity Zone project in downtown San Jose. One of six upcoming projects for Urban Catalyst, the property located at 26 and 30 South 1st Street will feature 65,000 square feet of office space and 11,500 square feet of ground-level retail space located on historic Fountain Alley next to the Bank of Italy office tower (already under wide-ranging renovation and revival) and 200 feet from the home of the future BART Station. Pre-zoned and pre-general planned for mixed-use, the location will be under construction by early 2021.“Downtown San Jose is a great place to develop,” says Urban Catalyst Founder, Erik Hayden. “With this closing, we are excited to move forward with the Fountain Alley project and provide a positive catalyst for the activation and revitalization of this historic district in the heart of the city.”
The planned development will include adding offices and retail, as well as a restaurant and fountain, while prioritizing the incorporation of the adjacent historic building. The six-story development is a joint effort with developer Gary Dillabough of Urban Community. According to architect Jeff Current of Studio Current, “Working together to integrate the new building with the 1889 building is a win-win, creating a grand lobby entrance for the new office building.” He commends the developers plan to give special care to maintaining the 1889 building and historic façade for future generations.
Urban Community founder, Gary Dillabough says that he is “excited to be working with the Urban Catalyst team on this important infill project to revitalize Fountain Alley in conjunction with the renovation of the iconic Bank of Italy tower.”
Once completed, Urban Catalyst plans to market the building to small and medium-sized businesses that have been pushed out of other larger projects in the downtown San Jose area, although, no tenants have been announced at this time.
Utilizing an experienced team of local professionals that understands Bay Area construction processes and asset management, Urban Catalyst is currently working on multiple opportunity zone projects and is on track to raise $250 million before the end of this year.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 and downtown Oakland. 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. Learn more at https://www.urbancatalyst.com/.