Developer switches gears on 200-plus unit downtown San Jose housing project
SAN JOSE — A developer has switched gears on a proposed residential development with hundreds of units in San Jose and will build market-rate apartments rather than homes for seniors.
The proposed eight-story project would sprout at 313 Gifford Ave., according to documents on file with city planners.
277-unit, eight-story apartment building at 313 Gifford Avenue in downtown San Jose, concept.
The development is expected to produce 277 apartments, which will all be offered at market rates, according to Erik Hayden, founder and managing partner with project developer Urban Catalyst.
Urban Catalyst has been finding success in its downtown development efforts recently.
In August, an affiliate obtained a $112.5 million construction loan to finance a 278-unit apartment complex at the corner of West San Carlos Street and Josefa Street.
“The type of housing that is viable for getting financing is primarily market-rate multifamily apartments,” Hayden said.
It’s tougher for developers to obtain financing for senior housing, student housing, and affordable housing, he said.
“It would be better for the community and our investors to build something sooner rather than later,” Hayden said.
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