This Completes all Land Purchases for Urban Catalyst Opportunity Fund I
(EDITOR’S NOTE: According to public records, the transaction closed for $9.8 million on June 30, 2021.)
SAN JOSE, Calif. – Urban Catalyst, Silicon Valley’s Leading Opportunity Zone Fund, today announced it has closed on the final parcels of property for its Delmas Senior Living project, the first senior living project to be built in downtown San Jose in decades.
The Delmas Senior Living center will cater to the rapidly growing “Silver Wave” of aging baby boomers. What sets the project apart is the abundant on-site amenities as well as the easy access to downtown San Jose. The amenities include a fitness center to help residents stay in shape, a hair salon so they can look their best, and private dining and meeting rooms to connect with family and friends. The center’s location near downtown will place residents close to the city’s museums, theaters and restaurants.
The six-story, 175,000-square-foot Delmas Senior Living will feature a mix of studios and one- and two-bedroom assisted-living units, along with memory care studios. It will house 165 units—49 of them dedicated memory care units—and a robust set of amenities, including a full commercial kitchen, dining area, bistro, fitness center, hair salon, digital cafe, nurses center, and a rooftop bar/sky lounge. Delmas, located in Downtown West at 470 W. San Carlos St., is in its final rounds of comments with the City of San Jose’s building and public works departments. Groundbreaking is expected in Q3.
“I am excited to see Delmas Senior Living project moving forward so quickly, and I look forward to the groundbreaking for this much-needed facility in the coming months,” said Erik Hayden, Founder and CEO of Urban Catalyst. “This acquisition marks a key milestone for our Fund 1 portfolio and an important step in our downtown revitalization efforts.”
This acquisition represents the final parcels needed for all ground-up projects in Urban Catalyst’s Opportunity Fund I, which closed Dec. 30 with $131 million in investments. Other projects include mixed-use office, multifamily residential, hospitality and student housing.
The acquisition also comes just weeks after Urban Catalyst moved forward on its Keystone @ Downtown West project, submitting its building permit application to build an extended-stay Marriott hotel at 491 W. San Carlos St. The eight-story, 185,000-square-foot extended-stay Marriott TownePlace Suites hotel will be a short walk from Google’s Downtown West mega-campus. Extended stay hotels fared better during the pandemic than any other type of hotel, according to industry studies.
“Delmas Living Center not only meets the demand in our local market for senior-assisted and memory care facilities but offers an exclusive setting in one of the most dynamic neighborhoods in the city,” said Josh Burroughs, Partner and Chief Operating Officer at Urban Catalyst. “Residents will have easy access to the city’s medical, cultural, and entertainment offerings for the highest quality of living in this space.”
The project was designed by local architect Thang Do of Aedis Architects in coordination with senior facility specialist Lenity Architecture. The Type-1 all concrete building offers a higher construction quality and safety factor.
“As a fully-licensed Senior Care Community, Delmas Senior Living will accommodate residents with independent active lifestyles, assisted living needs and memory care services,” said Jason Reyes, CEO of Calson Management, the community operator. “The central location of this facility is a win-win for both the residents and their families.”
About Urban Catalyst
Urban Catalyst is focused on ground-up development projects in downtown San Jose. In 2020, Urban Catalyst Opportunity Fund I successfully raised $131 million from investors, surpassing the fundraising goal. Urban Catalyst Opportunity Zone Fund II is currently open to investors. In 2019, Forbes and the Sorenson Impact Center recognized Urban Catalyst as one of the top 10 Opportunity Zone Funds in Forbes OZ 20.