The 360,000-square-foot Student-focused Multifamily Apartment Project Aims to Provide Much-needed Housing
SAN JOSE, Calif., October 14, 2021--(BUSINESS WIRE)--Urban Catalyst, Silicon Valley's premier Opportunity Zone Fund, today announced it has secured its special-use permit and vesting tentative tract map for The Mark, a student-focused high-rise apartment tower to be located downtown a block from San Jose State University.
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Urban Catalyst Secures Final Approvals for its High-Rise Student Housing Tower in Downtown San Jose. Rendering by BDE Architecture.
With its central downtown location, The Mark was designed to help ease SJSU’s off-campus housing shortage and provide students with stellar living conditions just a short walk from their classes. The complex, at 475 South 5th St., will feature more than 200 multifamily apartment units that can house over 850 new residents in the Bay Area’s largest city. In addition to its proximity to the university’s main campus, the project is near the vibrant SoFA Arts District in downtown San Jose.
The concrete and protected steel structure will include multiple outdoor amenities such as open-air decks, as well as student-ready interior common areas and views of the city and SJSU campus. The new community will be constructed with first-class materials and will feature high-speed WIFI/Internet throughout the building.
"Our goal is to offer students a robust off-campus experience that complements their educational experience," said Erik Hayden, Founder of Urban Catalyst. "And, importantly, The Mark will help address the long-term problem of an off-campus housing shortage around SJSU."
Groundbreaking is expected in 2022 with the complex potentially ready for students by the fall semester in 2024.
"We look forward to anchoring the southwestern edge of campus, creating a high-density off-campus connection between Washington Square and the SoFA District," said Josh Burroughs, Partner and Chief Operating Officer at Urban Catalyst. "These types of projects catalyze our urban environment."
The Mark is one of six projects funded through Urban Catalyst’s Fund I, which closed in December with $131 million in investments. Urban Catalyst is now accepting investments for its Fund II.
The project was designed by the student housing division of BDE Architecture in coordination with Gould Evans interior design, and will be managed by Asset Living, one of the largest student housing operators in the United States.
The Mark is a third-party off-campus multifamily apartment project and is not affiliated with San Jose State University.
About Urban Catalyst
Urban Catalyst is focused on ground-up development projects in downtown San Jose. In 2020, Urban Catalyst surpassed their fundraising goal, securing $131 million from investors during its first round. Forbes and the Sorenson Impact Center recognized Urban Catalyst as one of the top 10 Opportunity Zone Funds in the inaugural Forbes OZ 20.
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