SAN JOSE – A large housing development near Google Village in downtown San Jose has taken a huge step forward with final approval from the city and brought the project much closer to reality.
The San Jose Planning Department has approved the housing estate, which when completed will deliver nearly 200 apartments to the downtown area of the city. The houses are being built near Google’s Downtown West village.
Urban Catalyst intends to move forward quickly to build the project known as Madera @ Downtown West. The project would consist of 184 residential units.
“We are in a real estate crisis and the city of San Jose has made that crisis a priority,” said Erik Hayden, founder and managing partner of Urban Catalyst in San Jose.
The next step after getting approval from the urban planning department this week, according to the project developers, is getting a building permit. Hayden will submit the building permit application within two weeks.
Urban Catalyst was founded to create funds that can take advantage of the tax breaks offered by opportunity zones in places like downtown San Jose.
Hayden applauded the city’s rapid approval of the development.
“This approval is great news for the community and for our investors,” said Hayden. “It’s proof that the city’s process of streamlining housing projects is working.”
In December, Urban Catalyst bought several parcels through a subsidiary that together would provide the land needed for the project.
UC Madera Owner, the subsidiary owned by Urban Catalyst, purchased the properties on West San Carlos Street and Josefa Street, according to Santa Clara County filings on December 23rd.
The developer paid $ 10.2 million for the packages, according to ownership documents.
“We urgently need housing projects to deal with this supply and demand crisis and to alleviate the real estate crisis,” said Hayden.
Urban Catalyst has grown into a busy developer in downtown San Jose, proposing several projects for the urban core of the city.
New homes, offices, retail stores, and restaurants are among the types of development products Urban Catalyst has proposed in downtown San Jose. Hayden stressed that housing, along with the others, will be vital to revitalizing the inner city.
“New housing development, a project like Madera @ Downtown West, is critical to revitalizing downtown San Jose,” said Hayden.