SAN JOSE – A major overhaul that would transform the closed camera 12 location in downtown San Jose into a new office and retail complex was finalized by the city on Wednesday.
Urban Catalyst, a busy local developer, is planning a major reconstruction and renovation of the former movie house on 201 S. Second St. in the hip and trendy South First Area or the SoFA district in downtown San Jose.
Urban Catalyst bought the property through a subsidiary in December 2019 from an affiliate run by busy developers Gary Dillabough, Don Imwalle and Jeff Arrillaga.
The project would consist of up to 25,000 square feet of retail space on the ground floor and approximately 70,000 square feet of office space in the project, according to city planning documents.
“Urban Catalyst couldn’t be more excited about this approval,” said Erik Hayden, founder of Urban Catalyst. “Construction on this mixed-use property will begin in the second quarter of 2021 to further transform downtown San Jose.”
Paseo is the expected name of the project, according to Urban Catalyst.
“It’s going to be really cool,” said Hayden of the Paseo project.
Urban Catalyst intends to reconstruct the interior of the building, including demolishing part of the interior and renovating the exterior of the building.
Approval of the project was made through an administrative decision by the San Jose Planning Director.
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.
A subsidiary of Urban Catalyst, UC 201 S 2nd Street Owner, paid $ 24 million for the property, according to county records. Urban Catalyst also received $ 13.6 million in funding from Bridge Bank at the time of purchase.
The project is located next to the light rail tracks in downtown San Jose with a station nearby.
“Paseo will efficiently bring people, jobs and services together thanks to its transitory nature,” said Hayden.