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. The company recently acquired a crucial site located across from San Jose City Hall after being in a three-year option contract to purchase the fourth and final parcel. This 26-stall parking lot was previously owned by 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 this assemblage consists of four contiguous land parcels spanning over half a city block in Downtown San Jose’s Civic Center neighborhood.
According to Joshua Burroughs, Urban Catalyst’s COO: “This acquisition was essential for our Icon phase project and achieving optimal densities within our urban downtown area.” He further added that coordinating with multiple consenting parties allowed them to provide a comprehensive package that benefited both their project and the seller.
The two-phase development will include Icon -a 22-story office tower spanning 510,000 square feet- and Echo -a 27-story high-rise housing complex with 388 units-. With these developments underway, Urban Catalyst is set to make significant contributions towards transforming Downtown San Jose into an urban hub.
