Urban Catalyst has acquired the third of four parcels for its Opportunity Zone project, closing on 77 N 4th Street in downtown San Jose. The parcel will be used in the development of Urban Catalyst’s Icon and Echo projects; Icon will include more than 420,000 square feet of office space while Echo will be home to more than 300 apartment units.
The Icon/Echo project will be funded through Urban Catalyst’s Opportunity Zone Fund II. Additionally Urban Catalyst announced that it has now raised $83.5 million for Fund II, representing more than 40% of the goal.
The fourth parcel to be included in the project is under a binding option to purchase and is scheduled to close this year. Urban Catalyst founder Erik Hayden gave OpportunityDb a tour of the company’s OZ projects last year: