SAN JOSE — A busy development firm has bought a key parcel in downtown San Jose that the real estate company requires to build a two-tower project of homes and offices.
Urban Catalyst, acting through an affiliate, has bought a property at North Fourth Street and East St. John Street in downtown San Jose that is one of four parcels needed for what could be an eye-catching development.
The affiliate, UC 77 N 4th Street Owner, paid $9.5 million for the site, documents filed on Jan. 7 with the Santa Clara County Recorder’s Office show.
Starting in 2019, Urban Catalyst began to assemble parcels that the company needs for the development, which will front on East Santa Clara Street, North Fourth Street and East St. John Street in San Jose.
“We are excited to close on our third of four properties for this assemblage,” said Erik Hayden, founder and managing partner with Urban Catalyst.
Urban Catalyst has paid $41.4 million for the three sites that the company has bought so far for the proposed development. The prices for the three transactions to date are:
— $15.9 million for a gas station parcel at 147 E. Santa Clara St. in 2019.
— $16 million for the site of the First Presbyterian Church at 49 N. Fourth St. in 2021
— $9.5 million, this month’s purchase, for a site whose addresses are 77 N Fourth St., 95 N. Fourth St. and 128 E. St. John St.
Urban Catalyst intends to build a 20-story office tower called Icon and a 26-story housing highrise called Echo at the downtown San Jose sites.
The Echo housing tower would accommodate about 300 homes and the Icon office tower would total about 420,000 square feet, according to plans Urban Catalyst filed with San Jose city officials.
It appears that this project might not begin construction until at least 2023. Urban Catalyst must still purchase a parking lot between the church site and the gas station.
“We anticipate closing on the fourth and final property toward the end of 2022,” Hayden said.