SAN JOSE, Calif.--(BUSINESS WIRE)--Urban Catalyst, a premier Silicon Valley Opportunity Zone Fund, today broke ground on Gifford Place, a new senior living facility in downtown San Jose.
Formerly known as Delmas and located at 325 Gifford Avenue, the 167-unit Gifford Place is one of the first new senior living facilities to be built downtown in decades. The six-story, 175,000 square foot building will be home to a mix of studios, one and two bedrooms apartments, and memory care units. Planned amenities include dining facilities, a bistro, fitness center, hair salon, nurses center, and a rooftop lounge.
“We anticipate significant demand for senior housing in the region as the population continues to age,” said Erik Hayden, Founder of Urban Catalyst. “We’re excited to start work on what is clearly a much-needed resource for the community – a thoughtfully designed assisted living & memory care facility that will provide residents with outstanding care and a great place to live.”
Joshua Burroughs, Urban Catalyst’s Chief Operating Officer, added, “We think the access to downtown San Jose will be especially appealing to baby boomers who want to stay active and involved in the community while taking advantage of the benefits of an assisted living and memory care facility. We look forward to getting started on construction.”
Gifford Place was designed by Aedis Architects in coordination with senior facility specialist Lenity Architecture. It is being funded through Urban Catalyst’s Opportunity Zone Fund I. Other Urban Catalyst Fund I projects include Paseo, a multi-use property with offices & ground floor retail; Fountain Alley, focused on offices and retail; a Marriott TownePlace Suites Hotel, the TMBR apartments, and the Mark, providing student housing.
About Urban Catalyst
Urban Catalyst is a leading real estate equity fund manager and development company focused on ground-up projects in downtown San Jose, California. The company ranked among the top 5% of all tracked Opportunity Zone (OZ) fund sponsors as measured by capital raised as of December 31, 2021, according to the research firm Novogradac, and has been recognized as a top ten OZ fund by Forbes.
Urban Catalyst’s home market, San Jose, was recently named the #1 city in the U.S. for attracting innovation-oriented industries by the real estate services firm JLL and has been recognized as the #1 region in the country poised for post-pandemic recovery by Bloomberg.
For more information, visit urbancatalyst.com