SAN JOSE, CA – Urban Catalyst, Silicon Valley's leading Opportunity Zone Fund, announced that it has submitted its site development permit and preliminary tract map for its Icon / Echo project, which will bring new office space and residential units to downtown San Jose should bring.
Located at 147 E Santa Clara Street in the heart of downtown, Icon / Echo will create more than 300 apartment buildings and 420,000 square feet of Class A office space. The development comprises approximately two acres of land and is right by City Hall and within a block of a future BART station. The two towers will encompass over 50,000 square meters of outdoor space, including roof gardens and state-of-the-art indoor communal areas.
The traffic-centric development is part of the state tax break program for Opportunity Zones, and Urban Catalyst – a Fund for Qualified Opportunity Zones – is currently accepting investments for the project.
"Building a high-density development near transportation routes is Urban Planning 101," said Erik Hayden, founder and CEO of Urban Catalyst. “This project is on Santa Clara Street, the main drag in the central business district. After completion, this community could accommodate more than 500 residents and over 2,000 employees. "
In addition to this important milestone, Urban Catalyst has completed the compliant re-zoning process for the project to align with the city's master plan and has received approval of the first preliminary map for the project land. Urban Catalyst has acquired two of the four plots required for development and is under contract to acquire the remaining two.
"The Icon / Echo development will complete the critical 4th & Santa Clara Street intersection while breathing new life into Saint James Park and creating a truly balanced work and living environment," said Josh Burroughs, partner and chief operating officer, Urban Catalyst .
The project will be designed by WRNS Architecture in coordination with Studio Current and, once completed, will be managed by Greystar, one of the largest residential and commercial operators in the United States.
Source: Urban Catalyst Opportunity Zone Fund