SAN JOSE, Calif.--(BUSINESS WIRE)--Urban Catalyst, Silicon Valley's premier Opportunity Zone Fund, announced today that the San Jose Planning Commission approved plans to build an extended-stay Marriott hotel in San Jose’s Downtown West. The commission gave Urban Catalyst’s Keystone project the go-ahead Wednesday night during its meeting.
Located at 491 W. San Carlos Street, this nationally branded extended-stay Marriott TownePlace Suites business hotel will be a short walk from Google’s Downtown West mega-campus. The eight-story hotel will be 185,000 square feet and offer 175 suites and on-site parking. Every room will have a kitchen. The average stay for guests will be 15 nights.
The hotel is among six ground-up projects in Urban Catalyst’s Fund I, which closed Dec. 30 with $131 million in investments. Urban Catalyst is now accepting investments for its Fund II, which will be used to build office and multifamily projects in the heart of downtown San Jose.
“We appreciate the support of the Planning Commission and are excited to see this project moving forward quickly,” said Erik Hayden, Founder and CEO of Urban Catalyst. “As the only extended-stay option in the core of downtown San Jose, this hotel--neighboring Google’s mega-campus and adjacent to the SAP Arena and the Diridon Station--will be a tremendous asset to the city.”
The hotel is expected to be completed in 2023.
“We recognized the need for additional extended-stay lodging in the area given the expansion of Silicon Valley technology companies, along with new businesses—even with the pandemic,” said Josh Burroughs, Partner and Chief Operating Officer at Urban Catalyst. “This hotel is in a prime location—just steps away from Adobe’s expanded headquarters and Google’s recently approved mega-campus.”
The project was designed by BDE Architecture in coordination with local architect Studio Current.
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.