Urban Catalyst Closes on Property and Submits Plans for Additional Sites
by Erik Hayden, on Dec 26, 2019 12:28:13 PM
Over the course of one year Urban Catalyst has acquired and moved forward into the early development phases on 6 projects. The most recent being Paseo, making this the final purchase for 2019. Urban Catalyst is looking forward to announcing additional projects in our pipeline for 2020. Below are our three major announcements we made last week.
Urban Catalyst closed on a property at 201 S. 2nd Street in downtown San Jose. Currently a vacant building, The Paseo property is slated to be transformed into a combination of 65,000 square feet—three floors—of office space over 20,000 square feet of ground floor retail. With planned positioning as tech office space and located adjacent to VTA Light Rail, this transit-friendly property is located next to the Fairmont Hotel, the Hammer Theater, the popular SoFA district, San Jose State University, and the Fairmont Plaza. In coordination with Urban Community, the project is expected to break ground in 2020.
- KEYSTONE HOTEL
Urban Catalyst submitted a site development permit for the Keystone property at 491 W. San Carlos Street, located 200 yards from the recently announced Downtown West Google campus and Adobe’s global headquarters, and steps away from Diridon Station. Partnering with TMH hotels, Urban Catalyst plans to activate The Keystone property by building a select service, 170-room Marriott TownePlace Suites. The brand features a laid-back modern design offering studio, one-bedroom and two-bedroom suites. Future amenities include an outdoor courtyard and BBQ/recreation area at podium level, a rooftop deck, and 160 onsite parking stalls for guests. Construction is expected to start in Q3 2020.
- THE ICON
Urban Catalyst submitted preliminary plans for its property at 147 E. Santa Clara Street. Located across from city hall, and 100 yards from the future BART station, the project is expected to include 20 stories of residential with 300+ units and 4 stories—120,000 square feet—of office space, as well as 4 stories of parking. Currently a Chevron gas station, the land is pre-zoned and pre-general planned for mixed use. Urban Catalyst is partnering with Vahe Tashjian, managing director of Dutchints Development, on this project, and is coordinating with Urban Community founders Gary Dillabough and Jeff Arrillaga on the user experience.
To learn more about investing with Urban Catalyst before the end of 2019 so you can maximize the opportunity zone benefits and receive the full 15% discount when you pay your capital gains tax. That discount is reduced to only 10% if you don’t invest by December 31, 2019, click here.