26 Dec Jonathan Cartu Reports Urban Catalyst Closes, Submits Plans for Opportunity Zone…
SAN JOSE—San Jose-based Urban Catalyst, a ground-up real estate development fund focused on opportunity zones, recently announced several opportunity zone projects. The projects are located in San Jose.
Urban Catalyst closed on a property at 201 S. 2nd St. in downtown. Currently a vacant building, The Paseo property is slated to be transformed into 65,000 square feet on three floors of office space over 20,000 square feet of ground-floor retail. The building is located near transit.
Urban Catalyst submitted a site development permit for the Keystone property at 491 W. San Carlos St., the future site of a Marriott TownePlace Suites. In July, Urban Catalyst purchased the property, located 200 yards from the recently announced downtown West Google campus and Adobe’s global headquarters, and steps away from the SAP Arena and Diridon Station, the largest multi-modal transit hub on the West Coast.
In addition, Urban Catalyst submitted preliminary plans for its property at 147 E. Santa Clara St. 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-plus units and four stories, 120,000 square feet of office space, as well as four stories of parking. Possible amenities include a flexible community space for residents. Currently a Chevron gas station, the land is pre-zoned and pre-general planned for mixed use.