SAN JOSE, Calif.--(BUSINESS WIRE)--Urban Catalyst, Silicon Valley's premier Opportunity Zone Fund, today announced it has submitted its Site Development Permit and Vesting Tentative Tract Map for its Icon/Echo project, slated to bring new office space and residential units to downtown San Jose.
Located at 147 E Santa Clara Street in the heart of downtown, Icon/Echo will create more than 300 multifamily apartment units and 420,000 square feet of Class-A office space. The development encompasses about two acres of land and is catty-corner with City Hall and within one block of a future BART station. The two towers will include over 50,000 square feet of outdoor amenities, including rooftop gardens, as well as state-of-the-art interior common areas.
The transit-oriented development is part of the federal Opportunity Zone tax relief program, and Urban Catalyst--a Qualified Opportunity Zone Fund--is currently accepting investments for the project.
“Building high-density development near transit is Urban Planning 101,” said Erik Hayden, Founder and CEO of Urban Catalyst. “This project is located on Santa Clara Street, the main drag of the central business district. Once completed, this community could be home to more than 500 residents and over 2,000 employees.”
In addition to this key milestone, Urban Catalyst has completed the conforming rezone process for the project to align with the City’s General Plan, and has received approval of the initial Tentative Map for the project land. Urban Catalyst has purchased two of the four parcels needed for the development and is under contract to purchase the remaining two.
“The Icon/Echo development will complete the key intersection of 4th & Santa Clara Street, while breathing new life to Saint James Park for a truly balanced work/life environment,” said Josh Burroughs, Partner and Chief Operating Officer at Urban Catalyst.
The project is being designed by WRNS Architecture in coordination with Studio Current, and once completed, will be managed by Greystar, one of the largest apartment and commercial operators in the United States.
About Urban Catalyst
Urban Catalyst is focused on ground-up development projects in downtown San Jose. In 2020, Urban Catalyst surpassed their fundraising goal, securing $131 million from investors during its first round. Forbes and the Sorenson Impact Center recognized Urban Catalyst as one of the top 10 Opportunity Zone Funds in the inaugural Forbes OZ 20.
