The adjacent addresses are slated to become a select service hotel near planned Google campus
SAN JOSE, Calif., July 18, 2019 /PRNewswire/ -- San Jose-based Urban Catalyst, a multi-asset Opportunity Zone Fund, announced today that they have closed on the second of two adjacent properties located on West San Carlos Street near Josefa Avenue, one of the busiest corridors in the downtown San Jose submarket. In July, they purchased two properties in the coveted location only 200 yards from the proposed Google campus and steps away from the SAP event center and Diridon train station. The company plans to activate "The Keystone" property by building a new, select service, 170-room business hotel, which will offer high-level services and amenities, as well as onsite parking.
"Transit-oriented development, like this hotel, allows us to be part of building a vibrant, livable and sustainable community," says Urban Catalyst Founder Erik Hayden. UC Partner Josh Burroughs adds that "Through these property purchases, we are making bold moves to revitalize the area by filling the demand for downtown hotels offering walkability and easy access to mass transit."
For this purchase, Urban Catalyst was represented by the Colliers International team of John Kovaleski, David Buchholz, and Alex Kovaleski. "Our team originally marketed the Keystone property for lease, but we submitted the property to Urban Catalyst as a potential off market acquisition and Urban Catalyst promptly stepped up and closed 90 days thereafter," said John Kovaleski, Senior Vice President at Colliers International.
Prior to construction, Urban Catalyst plans to partner with local nonprofits to utilize any vacant spaces on the properties.
This latest acquisition is one of multiple Opportunity Zone projects Urban Catalyst has closed on recently. In May, the company acquired the property at 26 and 30 S. First St. in San Jose, parcels that include the old Lido Nightclub site. The company is on track to reach their fundraising goal of $250 million.
About Urban Catalyst
Based in San Jose, Urban Catalyst is the first multi-asset Opportunity Zone Fund in the Bay Area focusing on downtown San Jose. Employing a world-class team of experienced local professionals to build out impact investment opportunities—multi-family, office, and industrial investment projects—Urban Catalyst is focused on advancing and improving the community while earning investors advantageous financial returns. Learn more at https://www.urbancatalyst.com/.
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