SAN JOSE, Calif., Oct. 9, 2019 /PRNewswire/ -- San Jose-based
Urban Catalyst, a multi-asset Opportunity Zone Fund, announced
today that it has submitted a Preliminary Review Package to the
City of San Jose for the company's
property at 491 W. San Carlos Street. In July, Urban Catalyst
purchased the property, located 200 yards from the proposed Google
campus, which bookends Adobe's global headquarters in the Diridon
Station Area, and is steps away from the SAP Arena and Diridon
Station—the largest multi-modal transit hub on the West
Coast.
"By building a transit-oriented development, we can provide our
growing community with easy access to alternative transportation
options that allow greater work and life flexibility," said
architect Jeff Current of Studio
Current, which is designing the hotel. "This hotel will be
specifically designed to generate a vibrant, walkable option close
to surrounding transit stations."
Urban Catalyst plans to activate "The Keystone" property by
building a new, select service, 170-room extended-stay business
hotel, which will offer high-level services to the business
community and visitors to downtown San
Jose. Future amenities will include an outdoor courtyard and
BBQ/recreation area at podium level, a rooftop deck, an onsite gym,
160 onsite parking stalls for guests, onsite laundry, a
breakfast/dining room and an onsite business center. Currently
pre-zoned and pre-general planned for mixed use, construction on
this property is expected to start in Q3 2020.
"Downtown San Jose has a
tremendous amount of demand for extended-stay business hotels and
we are happy to meet that demand with this project," said
Walter Brosch of TMH Hotels, the
hotel operator.
Urban Catalyst is hitting its milestones with its acquisition of
a diverse set of projects in the downtown core, successfully
implementing its strategy to turn opportunity into impact.
"Moving forward with the hotel on our Keystone property is an
exciting addition to our portfolio of projects, as it satisfies the
demand for a downtown hotel within walking distance to mass transit
and helps revitalize the area," said Joshua
Burroughs, a partner with Urban Catalyst. "Through these
property purchases, we are making bold moves to revitalize the area
by filling the demand for downtown hotels offering walkability and
easy access to mass transit."
About Urban Catalyst
Based in San Jose, Urban Catalyst is the first
multi-asset Opportunity Zone Fund in the Bay Area focusing on
downtown San Jose. Employing a
world-class team of experienced local professionals to build out
impact investment opportunities—multi-family, office, and
industrial investment projects—Urban Catalyst is focused on
advancing and improving the community while earning investors
advantageous financial returns. Learn more at
https://www.urbancatalyst.com/.
Media Contact
Sarah
Farrant | NINICO Communications |
sarah@ninicocommunications.com
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SOURCE Urban Catalyst