Urban Catalyst has completed the acquisition of land to be used for the development of its Delmas Senior Living project in downtown San Jose, CA. The facility, which is expected to break ground in the third quarter of 2021, will be a six-story building consisting of 175,000 square feet and 165 units. Amenities will include a fitness center, hair salon, and rooftop bar.
Urban Catalyst, which closed a $131 million fund in December, is currently working on a number of ground-up projects in San Jose. A building permit application was recently submitted for the Keystone @ Downtown West project, which will include an extended-stay Marriott hotel. The company has opened up its second opportunity zone fund to new investments.
San Jose is the 10th largest city in the U.S., with more than 1 million residents, and is home to the corporate headquarters of eBay, Zoom, Adobe, and TiVo. There are 11 opportunity zones in the downtown San Jose area; California has 879 opportunity zones in total.