Urban Catalyst recently announced closing on the final parcels of property for the Delmas Senior Living center. And that’s a big deal for two reasons.
The first reason is that it represents the final parcels needed for the ground-up projects in Urban Catalyst’s Fund I. Owning land is important because it is a tangible asset and provides the potential for long-term appreciation; you don’t just have site control, you have ownership.
Our first fund closed Dec. 30 with $131 million in investments. The other Fund I projects include mixed-use office, multifamily residential, hospitality and student housing—all of which are moving forward quickly.
Second, this is an important milestone for the development of the first senior living project to be built in downtown San Jose in over 30 years. Residents of three surrounding neighborhoods with significant populations--Willow Glen, Nagley Park and the Rose Garden--have to go on waiting lists to get into a nearby senior facility. Now they’ll have one in their backyards.
We’re developing a Class A building that will be an ideal place for our seniors with family in the area, offering assisted living and memory care. We want to be a city that provides a rich environment for everyone from 8 to 80, and this facility will provide our seniors with easy access to all the amenities downtown has to offer, including the four theaters, restaurants, the San Pedro Square farmers market and the arts and entertainment district.
We think it’s going to be an exceptional facility, with amenities including a fitness center, digital café, bistro, nurses center and a hair salon.
And while our Fund I projects move forward, we are simultaneously taking investments for Fund II, which is centered on multi-family apartments and office space.
So there’s a lot going on, and that’s the way we like it! You can get more details about the Delmas Senior Living project from our news release.
Contact us today to learn more!
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