SAN JOSE – A busy developer determined to get past coronavirus potholes and will advance plans for a striking residential tower that would be built in a hip and trendy area of downtown San Jose.
The Mark, one of several downtown San Jose projects being developed by Urban Catalyst, is slated to begin construction in 2021, when the tower receives approval from city officials.
“This is the kind of investment so badly needed in downtown San Jose to create economic momentum and provide much-needed housing,” said Erik Hayden, founder of Urban Catalyst.
The 20-story residential tower offers a mix of 222 units, including studios, and one, two, three, and four bedroom units.
The project is located on 475 S. Fourth St. between East San Salvador and East William Streets and is approximately one block from San Jose State University.
“It’s great to see development planned for this part of downtown San Jose,” said Bob Staedler, chief executive of San Jose-based Silicon Valley Synergy, a land use consultancy. “It’s a sharp looking building that offers much-needed housing in San Jose.”
The Mark is also located in the South First Area, also known as SoFA, which is usually a busy area with nightspots, restaurants, entertainment, bars, and theaters.
Urban Catalyst, based in San Jose, was formed to take advantage of the tax breaks granted to companies undertaking large-scale development projects in specific geographic areas known as opportunity zones. The opportunity zones were created as part of a tax reform plan for 2017 initiated by President Donald Trump and encompass almost all of downtown San Jose.
Despite the economic uncertainties caused by the coronavirus, Urban Catalyst decided to come up with a proposal to obtain a permit for the development of The Mark residential tower.
“We’re not going to let a pandemic slow down our work,” said Hayden.
In total, Urban Catalyst plans development projects worth at least $ 700 million in downtown San Jose.
Among the projects: Paseo, a far-reaching effort to transform the Long-shuttered Camera 12 cinemas on South Second Street into a complex of offices and restaurants. Construction of the paseo began earlier this year. The exterior walls of the old Camera 12 complex will be retained while a major renovation will be carried out inside.
The Mark is one of several residential projects Urban Catalyst is planning in downtown San Jose. In addition to creating more housing in Silicon Valley, The Mark is in line with the city’s goals of increasing density in the urban heart of San Jose.
“This is all part of San Jose’s development of construction, not construction,” said Staedler.