Speaking at a recent event, COO and partner Joshua Burroughs had the chance to discuss opportunity zones as a game-changer for San Jose’s economic development engine and how, as a multi-asset opportunity fund, Urban Catalyst is in a unique position to manifest a new vision for downtown San Jose.
Reviewing potential projects in the construction pipeline for downtown, the Urban Catalyst team envisions a completely changed downtown. One with thousands of housing units and millions of square feet for companies to expand; hundreds of new retailers and restaurants; thousands of places for visitors and guests to stay at a hotel; 200 startups that could be the next Adobe; an integrated urban university in SJSU; a San Jose light tower; the largest children’s musical theater in country; rooftop bars and showrooms for local artists–a thriving downtown with active storefronts and shops where you can buy things in person; sold out shows at the community theater; daily farmer’s markets; and lines around the block to check out new art exhibits. They envision no homeless because we housed them and an increased tax base for the city’s general fund so it can pay for maintaining parks and hiring police and fire.
According to Josh, this image is density and diversity and deep down this image is quality of life and an amazing experience that opportunity zones can help catapult into existence. He also spoke about the fact that he loves downtown, spent his whole life there working to bolster the urban environment, and truly feels downtown San Jose is on the edge of a great renaissance. With the right tools, Urban Catalyst hopes the $250 million they raise this year will be leveraged into $1 billion worth of impact in San Jose over the next decade.
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