San Jose-based Urban Catalyst, a multi-asset Opportunity Zone Fund, announced today that it has submitted a Preliminary Review Package to the City of San Jose for the company’s property at 491 W. San Carlos Street. In July, Urban Catalyst purchased the property, located 200 yards from the proposed Google campus, which bookends Adobe’s global headquarters in the Diridon Station Area, and is steps away from the SAP Arena and Diridon Station—the largest multi-modal transit hub on the West Coast.
“By building a transit-oriented development, we can provide our growing community with easy access to alternative transportation options that allow greater work and life flexibility,” said architect Jeff Current of Studio Current, which is designing the hotel. “This hotel will be specifically designed to generate a vibrant, walkable option close to surrounding transit stations.”
Urban Catalyst plans to activate “The Keystone” property by building a new, select service, 170-room extended-stay business hotel, which will offer high-level services to the business community and visitors to downtown San Jose. Future amenities 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.
“Downtown San Jose has a tremendous amount of demand for extended-stay business hotels and we are happy to meet that demand with this project,” said Walter Brosch of TMH Hotels, the hotel operator.
Urban Catalyst is hitting its milestones with its acquisition of a diverse set of projects in the downtown core, successfully implementing its strategy to turn opportunity into impact.
“Moving forward with the hotel on our Keystone property is an exciting addition to our portfolio of projects, as it satisfies the demand for a downtown hotel within walking distance to mass transit and helps revitalize the area,” said Joshua Burroughs, a partner with Urban Catalyst. “Through these property purchases, we are making bold moves to revitalize the area by filling the demand for downtown hotels offering walkability and easy access to mass transit.”
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. 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.