Our demolition subcontractor began last week to clear the site of our Keystone project, Downtown San Jose’s first extended-stay hotel. We’re on track to go vertical next quarter on the eight-story Marriott TownePlace Suites at the northeast corner of West San Carlos and Josefa streets. As you’ll see below in the photos we took of the site last week, crews of workers are making headway on clearing the property to allow us to do so.
We've set up live-stream and time-lapse cameras at our Keystone site that you'll soon be able to check periodically to monitor our progress. The time-lapse camera is identical to the one we installed at our Paseo office-retail project. Scroll to the bottom of our Paseo website to watch a time-lapse movie of the project's construction.
Click here to read the news release we published yesterday on Keystone going vertical, which mentions the project’s groundbreaking ceremony we held last month. San Jose Mayor Matt Mahan and San Jose City Councilmembers Dev Davis and Omar Torres were among the attendees. Mayor Mahan (photographed below) said during the event that Urban Catalyst is committed to a long-term vision with a diversified portfolio that takes into account “placemaking and making San Jose as a whole, but particularly our urban core, an amazing place to live, work and play.” His words nicely summarize our vision and what we’re looking to bring to Downtown San Jose.
And we wholeheartedly agree with another point Mahan made earlier in the ceremony: “There’s so much opportunity in our city, particularly in and around our urban core, with the big transportation infrastructure projects that are moving forward, the incredible weather we have, and the diversity and talent here.”
We’d be remiss if we didn’t acknowledge The Mercury News, The Real Deal, and SF YIMBY for featuring Keystone in articles about the hotel’s construction loan and our demolition subcontractor clearing the project site. Thank you also to The Registry for republishing our Keystone news release. Stay tuned for a blog we plan to publish next week that details how we obtained construction financing for the project, Downtown San Jose’s only hotel to break ground during Covid.
Keystone is the third of eight Opportunity Zone development projects we’ve broken ground on, following our senior living facility a block away and Paseo. We’re scouring the market for construction financing for two projects a short walk from Keystone with nearly 450 senior housing and apartment units between them.
Although we’ve closed fundraising for the apartment project, we continue to raise money for our senior living development through our Fund II offering. If you want to learn more about how to invest, contact us here.
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