We are happy to announce that we have submitted a formal planning application for the Fountain Alley Building located at 26 and 30 South 1st Street in downtown San Jose. New to our design is a 5,000+ square foot rooftop bar, which will be the largest rooftop bar in Silicon Valley. The addition of the rooftop bar is in alignment with pursuing our fund's goals and objectives while creating a landmark destination.
This ground-up development incorporates a historic building that will include 73,000 square feet of office space which is a perfect fit to accommodate any number of Silicon Valley large corporations with a long-term, corporate guarantee, NNN lease. It would also house many of the local long-term quality downtown San Jose tenants that are looking for new space.
The project also boasts 14,000 square feet for retail space that will include a high-end restaurant for the locals to frequent and we are incorporating additional space for outdoor dining. Our ground floor activation will wrap around Fountain Alley and will mirror perfectly with the newly restored iconic Bank of Italy to create a new destination for retail and for the first time in history, Fountain Alley will have a fountain. By creating a destination we will drive rents in this area for both office and retail.
This is the perfect example of true transit-oriented development as it is just steps away from a VTA station and 100 feet away from the largest city bus stop. We will break ground in 2021 with completion scheduled for 2022 as we seek to provide returns to our investors as soon as possible.
To date we have announced five project acquisitions in downtown San Jose Opportunity zones, we now have seven in our portfolio and our plan is to have ten projects in our portfolio by the end of 2019. These are some of the choice properties in downtown. We were able to acquire these properties by having a first-class development team, which are the best land acquisition and development professionals in Silicon Valley. At Urban Catalyst we are community-oriented, we are experts at turning opportunity into impact. We seek to create situations that position us to meet our fund objectives and goals while simultaneously benefiting our community.
We want to spread the word that it’s important to invest in Urban Catalyst before December 2019 to potentially take advantage of the full tax benefits of the opportunity zone legislation.
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