City Catalyst Alternative Zone Fund Purchases Remaining Property for New Delmas Senior Residing Middle in Downtown San Jose

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Urban Catalyst Opportunity Zone Fund Purchases Final Property for New Delmas Senior Living Center in Downtown San Jose

SAN JOSE, CA – Urban Catalyst, Silicon Valley's leading Opportunity Zone Fund, announced that the final lots have been closed for its Delmas Senior Living project, the first downtown San Jose senior housing project in decades.

The Delmas Senior Living Center does justice to the fast growing “silver wave” of the aging baby boomers. What sets the project apart are the numerous on-site amenities and easy access to downtown San Jose. Amenities include a fitness center to help residents stay in shape, a hair salon so they can do their best, and private dining and meeting rooms for connecting with family and friends. The centre's location near downtown will bring residents close to the city's museums, theaters, and restaurants.

The six-story, 175,000-square-foot Delmas Senior Living will offer a mix of studios and one- and two-bedroom assisted living units and memory-nursing studios. It will house 165 units – 49 of which are dedicated memory stations – and a robust array of amenities including a fully equipped commercial kitchen, dining area, bistro, fitness center, hair salon, digital cafe, nurses center and rooftop bar / sky Salon. Delmas, located at Downtown West at 470 W. San Carlos St., is in the final round of discussions with the City of San Jose Construction and Public Works departments. The groundbreaking is expected in the third quarter.

"I am delighted that the Delmas Senior Living project is progressing so rapidly and I look forward to breaking ground for this much-needed facility in the months ahead," said Erik Hayden, founder and CEO of Urban Catalyst. "This acquisition is an important milestone for our Fund 1 portfolio and an important step in our efforts to revitalize the inner city."

This acquisition represents the final lots required for all base projects in Urban Catalyst's Opportunity Fund I, which closed on December 30 with an investment of $ 131 million. Other projects include mixed-use offices, apartment buildings, hospitality and student dormitories.

The acquisition also comes just weeks after Urban Catalyst pushed its Keystone @ Downtown West project forward and submitted its planning permission application to build a long-stay Marriott hotel at 491 W. San Carlos St. The Marriott TownePlace Suites extended stay hotel is located just a short walk from Google's mega-campus Downtown West. According to industry studies, long-stay hotels fared better than any other type of hotel during the pandemic.

"Delmas Living Center not only meets the demand in our local market for senior and memory care facilities, it also provides an exclusive environment in one of the most dynamic neighborhoods in the city," said Josh Burroughs, partner and chief operating officer, Urban Catalyst. "Residents will have easy access to the city's medical, cultural and entertainment facilities to ensure the highest quality of life in this area."

The project was designed by local architect Thang Do from Aedis Architects in coordination with senior facility specialist Lenity Architecture. The all-concrete building type 1 offers a higher construction quality and a higher safety factor.

"As a fully licensed senior care community, Delma's Senior Living caters to residents with independent active lifestyles, assisted living and memory care services," said Jason Reyes, CEO of Calson Management, the community operator. "The central location of this facility is a win-win situation for the residents and their families."

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