SAN JOSE — A wide-ranging upgrade is being planned for Paseo Senter, an affordable housing development near downtown, with rehabilitation work expected to be complete by summer 2026, according to public documents on file with Santa Clara County, San Jose, and California.
At 1898 Senter Rd., Paseo Senter is a 218-unit residential hub that was built in two phases. It consists of 217 affordable units and one market-rate manager’s unit. Upgrades will be focused on the 117 affordable apartments that consist of the first phase of the development.
The work is projected to cost $53.4 million, according to files posted by the California Tax Credit Allocation Committee.
An affiliate controlled by The Core Cos. is leading the renovation effort.
Core Cos. landed $21.9 million in construction financing from First Citizens Bank & Trust Co. to help with the upgrades, documents filed on July 25 show. A grant deed filed on July 25 placed a $22 million value on the complex.
The price tag includes purchase and acquisition costs, renovation financing, miscellaneous construction costs and other items. The precise details of what the upgrades will feature weren’t immediately available.
One of the upgrade’s goals included efforts to ensure the continued affordability of the housing development, county documents show.
The project has 25 one-bedroom units, 59 two-bedroom units, and 33 three-bedroom units, serving tenants with rents affordable to households earning 15% to 45% of the area median income, a state document shows.
In April, the area median income in Santa Clara County was $195,200 for a household of four.
This would mean that income limits in Paseo Senter would range from $29,280 a year up to $87,840 for a four-person household.
A revamp is also being planned for the 100-unit second phase of the development. This section is at 1908 Senter Rd. Different affiliates controlled by Core Cos. own both phases of the Paseo Senter complex at the 1898 and 1980 Senter sites.
Core Cos. has submitted a separate application to obtain approval from state, county and city agencies for the second stage of the renovation.
The veteran real estate firm estimated that the overall costs of the second phase of the upgrade would be about $49.1 million, state government files show.