News Summary
San Jose has secured financing for a new seven-story affordable housing complex near the future Little Portugal BART Station. This project will provide over 300 units for low-income families and individuals, marking a significant step in addressing the housing crisis. Developed by the Corporation for Better Housing and JSL Real Estate, the complex will feature 303 affordable studios and two units for on-site managers. Construction, funded by $138.6 million, is expected to take 17 months, reflecting the city’s commitment to addressing the urgent demand for affordable living options.
San Jose Secures Financing for New Affordable Housing Complex Near Future BART Station
Construction financing has successfully been secured for a new seven-story apartment complex located at 1271-1279 East Julian Street in San Jose. This development is positioned favorably close to the upcoming Little Portugal BART Station, offering advantageous access to public transportation for future residents. With a significant focus on addressing the city’s growing housing needs, the project will provide over 300 units of affordable housing.
The new property is under the ownership of the Corporation for Better Housing and JSL Real Estate, who lead the development efforts. These companies have acquired two parcels on the one-acre site for a total of $8.15 million. The overarching aim of this venture is to fill a critical gap in affordable housing within San Jose.
A total of $138.6 million in construction financing has been obtained for the project, with the majority of funds supplied by Banc of California. The plan includes constructing a complex that will reach 85 feet in height, featuring 305 apartments designed to cater specifically to the needs of low-income residents.
The apartment mix is particularly notable, consisting of 303 affordable studios that will enable individuals and small families to access housing at a reasonable cost. Additionally, there will be two units designated for on-site managers, ensuring that property management is efficient and responsive to resident needs.
The architectural design of the building is being created by Y & M Architects, who are known for their innovative approach to urban living spaces. Their design aims to ensure that the complex harmonizes well with the surrounding neighborhood while maximizing the available space for residents.
Construction is projected to take approximately seventeen months from the start of groundbreaking activities until the complex is completed. This timeline is essential for planning purposes, allowing the community to anticipate when the new units will be made available for residents in need.
This new apartment complex is part of a broader initiative to meet the escalating demand for affordable housing in San Jose. With the city experiencing ongoing challenges regarding housing availability and affordability, projects like this one are vital for ensuring that all residents have access to safe and secure places to live.
The proximity to the future Little Portugal BART Station enhances the desirability of the location, promoting sustainable living and easing transportation woes for residents. Efficient public transportation options will contribute to a lower reliance on personal vehicles, aligning with environmental goals while improving accessibility for residents.
As the city continues to grow, the commitment to creating affordable housing solutions remains a top priority. The financing and subsequent construction of the new apartment complex is a significant step towards creating more diverse housing options within San Jose, ultimately enhancing the community’s well-being.
In conclusion, the new affordable housing complex at East Julian Street represents a planned effort to provide accessible living spaces in conjunction with transport improvements. As work progresses, this development is expected to play a crucial role in meeting the housing needs of the ever-expanding San Jose population.
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Additional Resources
- SF YIMBY: Construction Financing Secured for Affordable Housing in San Jose
- Wikipedia: Affordable Housing
- Mercury News: San Jose Develops Affordable Housing
- Google Search: San Jose affordable housing
- San Jose Spotlight: Multifamily Affordable Housing in San Jose
- Google Scholar: Affordable Housing California
- East Bay Times: San Jose Housing Developments
- Encyclopedia Britannica: Housing Crisis
- NBC Bay Area: Affordable Housing Complex in San Jose
- Google News: San Jose housing news
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