Urban Catalyst, a real estate fund manager and developer based in San Jose, recently facilitated the sale of an approved apartment development site to the Santa Clara Valley Transportation Authority (VTA) for $23.8 million. This transaction allows VTA and its partner agencies to move forward with plans for a redeveloped Diridon Station, one of the busiest transit hubs on the West Coast.
The site was previously entitled for Apollo, a 20-story apartment complex consisting of 472 units across two adjacent parcels on Stockton Ave. However, after being approached by VTA and other agencies interested in using the land for California’s high-speed rail project’s first phase, Urban Catalyst decided to sell.
According to CEO Erik Hayden: “Although our original plan was to develop Apollo on this site, we ultimately worked with local government and transit agencies to find a mutually beneficial solution.” The sale marks another step towards revitalizing Diridon Station without disrupting current transportation operations or causing inconvenience for commuters.
This news highlights Urban Catalyst’s commitment as both an expert real estate fund manager and developer in San Jose. By facilitating this deal between VTA and various government entities without compromising their own goals or values shows their expertise within this market.
