SAN JOSE, Calif.--(BUSINESS WIRE)--Urban Catalyst, Silicon Valley's premier Opportunity Zone Fund, announced today that the San Jose City Council gave the go-ahead Tuesday to build an extended-stay Marriott in San Jose’s Downtown West, just a short walk from Google’s planned mega-campus. The council’s blessing gives Urban Catalyst the green light to move forward with its Keystone project.
The nationally branded extended-stay Marriott TownePlace Suites business hotel will be located at 491 W. San Carlos Street. In addition to its proximity to the Google development, the location is near two recently announced towers—with 1.1 million square feet of office space—Caltrain plans to build near the Diridon Station.
The eight-story Marriott 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.
The hotel will be 185,000 square feet and offer 175 suites, on-site parking and other standard amenities. The average stay for guests will be one to two weeks.
Designed by BDE Architecture in coordination with local architect Studio Current, the hotel is expected to be completed in 2023.
“We appreciate the council’s support of this project, which will bring the only extended-stay option in the core of downtown San Jose,” said Erik Hayden, Founder and CEO of Urban Catalyst. “With development in San Jose going gangbusters, this new Marriott extended-stay hotel will be a great asset for Downtown West.”
“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.”
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.