525 N. Capitol Ave., a 0.9-acre web site in east San Jose, proven throughout the define. Boundaries are approximate. Greater than 200 reasonably priced houses might be in-built east San Jose underneath a plan that’s being bolstered by a mission proposal and a property buy of the land wanted for the event.
SAN JOSE — Greater than 200 reasonably priced houses might be in-built east San Jose underneath a plan that’s being fueled by a web site proposal and buy of the land wanted for the mission.
Group Growth Companions has proposed the event of reasonably priced houses at 525 N. Capitol Ave., in accordance with a preliminary proposal submitted to San Jose planners.
Individually, an affiliate of Group Growth Companions has purchased the mission web site, paying $6.5 million for the property, paperwork filed on Dec. 23 with the Santa Clara County Recorder’s Workplace.
Newport Seaside-based Group Growth additionally obtained a mortgage of $9.75 million from Group Housing Fund on the time of the property buy, the county information present.
The mission web site is a brief distance from a light-weight rail station and the interchange of Interstate 680 and McKee Highway in east San Jose.
The housing improvement additionally can be throughout the road from Capitol Sq. Mall, whose main shops are Goal, Ross and Walgreens.
The preliminary plans that the property proprietor has filed envisions three potential choices for the event. Every choice would result in a distinct variety of residences.
One choice proposes 160 houses, a second choice factors to 172 houses and the third choice would result in the event of 208 houses.
The proposed improvement can be both 4 tales excessive or 5 tales excessive, relying on the situation that's in the end permitted by metropolis officers.
Underneath all three situations, the event would include a mixture of studios, two-bedroom and three-bedroom items, in accordance with the preliminary plans.
“Group Growth Companions is pursuing choose alternatives to develop distinctive new ground-up housing and mixed-use options” and to “protect, renovate, and improve present reasonably priced multifamily properties,” the actual property firm says on its web site.
The corporate says that its initiatives are designed to transcend the slim scope of residential developments.
“Our infill communities are extra than simply housing,” Group Growth Companions acknowledged on its web site. Our designs concentrate on creating activated facilities of tradition and training for the encompassing group along with fulfilling the fundamental housing wants of our residents.”