Our Fund I Projects: Hitting the Milestones

by Erik Hayden, on Sep 27, 2021 2:49:47 PM

 

Our fundraising team did quite well for our Fund I, exceeding our goal by raising $131 million. Now it’s Urban Catalyst’s Development Team’s turn to shine.

As we continue raising funds for our Fund II, I’d like to fill you in on how we are progressing with our six Fund I projects. We expect them all to have broken ground by Q3 2022. Finally, a big thanks to our Fund I investors for making all this possible.

6f6_paseo

In August, Paseo became the first of the six projects to begin construction. Here’s the latest: 

  • Crews are currently at work repurposing the long-shuttered Camera 12 theater to serve as new mixed-use office and retail space. 
  • We announced in August that we’d pulled a building permit for the project and secured a $56.2 million loan through Rialto Capital. 

6f6_fab (2)

  • We’ve pulled the building permit and begun pre-construction for our renovation of the historic Knox-Goodrich Building, which will be the main entrance for our Fountain Alley Building.
  • To top it off, the Fountain Alley Building will feature the largest rooftop restaurant and bar in Silicon Valley.

6f6_mark

  • We were approved at the Directors Hearing for The Mark, a purpose-built, off-campus student-focused hi-rise apartment tower.
  • The Mark will feature over 200 multifamily apartment units, with the ability to house over 750 new urban residents in the Bay Area’s largest city.

6f6_keystone

  • Next to Google’s coming mega-campus, our Keystone project got the final go-ahead in August from the City Council to move forward. This project will place an extended-stay Marriott in San Jose’s Downtown West.
  • The nationally branded extended-stay Marriott TownePlace Suites business hotel will be 185,000 square feet and offer 175 suites, on-site parking and other standard amenities.

6f6_Delmas

  • We announced in early July that we’d closed on the final parcels of property for our Delmas Senior Living project, the first senior living project to be built downtown in at least three decades with an abundance of on-site amenities and easy access to downtown San Jose.
  • We expect to be issued our building permits in the next 3 months with a ground breaking in Q4 projected.


6f6_tmbr

  • The city has given the go-ahead, the construction loan package is out to the market, and we’ll soon be seeking building permit approval for the Madera/TMBR development, a multi-family project located in the heart of Downtown San Jose.
  • We expect to break ground in Q4.

While these Fund I projects move forward, you can count us to move things along for Icon/Echo projects in Fund II. By the way, the potential 10% reduction in taxes disappears at the end of this year. To learn more about investing in Fund II, contact us today

 
 

 

 

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