Project will be the first using cross-laminated timber (CLT) in San Jose
SAN JOSE, Calif., Oct. 23, 2019 /PRNewswire/ -- Urban Catalyst, a multi-asset opportunity zone fund based in San Jose, has submitted preliminary plans to the City of San Jose for their multi-family apartment project—Madera @ Google Village. The project is a joint venture with the CEO of San Jose-based Aedis Architects, Thang Do, Fellow of the American Institute of Architects (FAIA). It's located in the heart of downtown San Jose adjacent to the planned Google Village and Diridon Station, the largest multi-modal transit hub on the West Coast. Once completed, Madera @ Google Village will have the ability to house 250 tenants and will include 4,000 square feet of ground-floor retail space and parking along the West San Carlos Street frontage at 470 W. San Carlos Street in downtown San Jose.
"Less than a half mile away from a major railroad station and transportation facility, this project will offer the community an exciting new transit-oriented development," said Paul Ring, Urban Catalyst Partner and EVP of Development & Construction. "Providing housing and amenities so close to a transit hub is a great way to activate the area as we work to make downtown San Jose a more sustainable and livable option."
Madera @ Google Village will feature 80 large, suite-style apartments—a mix of studios and two-bedroom, three-bedroom, four-bedroom and five-bedroom units. Along with first floor retail, the podium level will be a multi-functional and interactive space that includes a co-working space, a central community room with kitchen, a hot tub, and a gym.
With construction slated to start in Q1 2021 and complete in Q4 2022, the project will use cross-laminated timber (CLT), which consists of three, five, or seven layers of lumber aligned at right angles and then glued together to form strong structural panels. CLT has undergone extensive testing in Europe, where it is widely used for mid-rise urban infill, industrial, educational and civic structures, but it is still relatively new to the U.S. market and the state of California. As CLT gains in popularity, it's expected that demand will grow due to the beneficial features it offers, including design flexibility, less waste, fast installation, fire protection, and increased seismic and acoustic performance compared to a standard wood product.
"We're excited this property will be the first cross-laminated timber (CLT) housing project in Silicon Valley and one of the first in California," said Do. "CLT is a great approach to building that takes advantage of pre-fabrication to reduce construction time and cost, while bringing significant benefits to slowing down climate change."
The Madera @ Google Village project aligns with Urban Catalyst's approach of focusing on walkability between its properties, a concept unique to the company's impact strategy. The partnership with Do adds to Urban Catalyst's development effort, as the company acquires a diverse set of projects in the downtown San Jose Opportunity Zone.
"Within walking distance to many of our other properties and close to the future Google campus, this project encourages pedestrian mobility, reduces traffic congestion and drives revitalization of the area," said Josh Burroughs, a partner and COO of Urban Catalyst. "We look forward to expanding our portfolio and creating a network of projects that can play off each other to generate a positive impact on the downtown ecosystem."
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/.
Sarah Farrant | NINICO Communications | firstname.lastname@example.org
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