Urban Catalyst buys third Downtown San Jose property for $600M 2-tower project - Silicon Valley Business

Journal 1/29/22, 10:02 AM

Urban Catalyst paid $9.5M for the

third piece of the puzzle for its
$600M 2-tower project
Chelsea Nguyen-Fleige Jan 10, 2022, 8:13pm EST

Urban Catalyst has purchased another property it needs to move forward on

its $600 million twin-tower project in Downtown San Jose.

The San Jose developer paid $9.5 million on Jan. 7 for a site located
between East St. John and East Santa Clara streets, according to documents
filed with the Santa Clara County Clerk-Recorder's Office. It purchased the
property from Madrone Ventures and Salinas Valley Corp. via an affiliate, UC
77 N 4th Street Owner, according to those documents.

Located at 77 N 4th Street, the site is the third of four the developer needs
to acquire to build a proposed two-tower office and residential development,
dubbed Icon/Echo.

"We're just really happy that we were able to acquire the third of four
properties in this assemblage and we are in contract for the fourth property
towards the end of this year," said CEO Erik Hayden.

That fourth property is presently home to a parking lot reserved for the Town
Park Towers, a senior-living facility next door to the proposed development.

Urban Catalyst is planning to build a 21-story structure named Icon that will
offer 420,000 square feet of office space. Next to that it plans to construct a
27-story building called Echo that will feature 300 apartments. Architecture
firms WRNS Studio and Studio Current designed the buildings.

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Urban Catalyst buys third Downtown San Jose property for $600M 2-tower project - Silicon Valley Business Journal 1/29/22, 10:02 AM

The developer formally submitted its plans for the structures to the city in
August. City staff is conducting an environmental review of the project,
according to Hayden. The developer expects to begin construction next
year.

The land purchase is the latest the developer has made for the project.

In May, it bought a 0.44-acre site at 49 N. 4th St. — the former home of the
First Presbyterian Church — for $16 million. In 2019, it paid $15.9 million for a
0.71-acre property located at 147 E. Santa Clara St. that's home to a
Chevron gas station.

The two towers are the only projects so far in Urban Catalyst's second
Opportunity Zone fund. The developer hopes to raise $200 million from
investors to finance the development. It plans to finance the remaining $400
million of the project with debt.

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