Urban Catalyst, a real estate fund manager and developer based in San Jose, has successfully completed the land assemblage for its Icon/Echo development project. This milestone was achieved after acquiring a crucial site adjacent to San Jose City Hall. The company had previously entered into a three-year option contract to purchase the fourth parcel of land from Town Park Towers LP, which operates an age-restricted senior living facility overlooking the site.
The terms of this latest deal have not been disclosed. However, it is worth noting that the entire assemblage comprises four contiguous parcels spanning over half a city block in Downtown San Jose’s Civic Center neighborhood.
According to Joshua Burroughs, COO of Urban Catalyst: “This acquisition was essential for our Icon phase and achieving optimal densities in our urban downtown development.” He further added that coordinating with multiple parties resulted in finding an ideal solution for both their project and the seller.
The two-phase development will feature Icon -a 22-story office tower covering 510,000 square feet- and Echo -a 27-story multifamily high-rise with 388 units-. With this significant progress made by Urban Catalyst on its ambitious project, Connect CRE brings you all updates on commercial real estate news across California.
