The Core Companies and Republic Urban Properties have secured $139 million in public financing to build 135 affordable apartments in downtown San Jose.
UrbanCo Tamien, a joint venture of San Jose developers, received funding to build a transit-oriented complex at 1197 Leake Avenue, According to the San Jose Mercury News.
135 units of affordable housing are the first phase of the project 569-unit complex It is planned to be next to Ta Mian Station. The remainder will be built in the second phase and rented out at market rates.
The developer expects to break ground this month and complete the project in 2025.The cost of each affordable apartment will be Over $1 million.
Funding for the project includes a $66 million bond grant from the state panel, a $31 million grant from the state housing agency, up to $25 million from the Santa Clara County Class A Measures Fund, and San Jose $17 million from the city.
Citibank will serve as the primary construction lender.
Plans call for the phased development of a 6.7-acre parking lot owned by the Santa Clara Valley Transit Authority through surface leases next to Caltrain, light rail and bus stations.
Designed by Long Beach-based Studio T Square, the project will include three white, beige and yellow apartment buildings topped with low-slope tile roofs, according to renderings.
Phase 1 is on 1.6 acres and includes a 135-unit affordable apartment complex with a 3,000-square-foot childcare center on the ground floor.including early planning market price building At the first stage.
Affordable apartments will include one-, two-, and three-bedroom units and are designed for tenants earning between 30% and 60% of the area’s median income. An estimated 67 of these units will be reserved for rapid resettlement of residents.
Tamien Station is located on the south side of the city centre, just a few train stations away from the main transport hub of Diridon Station, where Google is planning a major transport development.
Elsewhere, core companies aim to build a 20-storey residential building Located in downtown San Jose, 470 South Market Street has 300 units of affordable housing.
The company also advanced the Agrihood Project, a 361-unit affordable development in Santa Clara, 1.5 Acre Urban Farm.
Republic Urban Properties, a subsidiary of the Connecticut-based Republic Family of Companies, plans to build 328 apartmentsconsisting of 89 affordable units, is located at 605 Blossom Hill Road in South San Jose.