SAN JOSE — A website the place practically 100 properties could possibly be constructed close to downtown San Jose has been purchased by a growth agency that makes a speciality of reasonably priced housing.
Milestone Housing Group, performing via an affiliate, has purchased two parcels close to the nook of East Santa Clara Road and South twentieth Road, in response to public property data.
The not too long ago bought websites have addresses of 934, 938, 942 and 948 E. Santa Clara St., the county paperwork present. The mission website is within the neighborhood of the Olinder and Roosevelt Park neighborhoods.
Los Gatos-based Milestone Housing has proposed the event of 99 residential items and a pair of,500 sq. toes of ground-floor retail area on the website, paperwork filed with San Jose planners present.
“San Jose desperately must construct as a lot reasonably priced housing as it will possibly muster,” stated Bob Staedler, principal government with Silicon Valley Synergy, a land-use consultancy.
Milestone Housing Group’s affiliate paid a mixed whole of $5.1 million for the 2 parcels on the website, Santa Clara County property data filed on two completely different dates in late April present.
The parcel that comprises a retail constructing with companies equivalent to a bridal store, tailor store and wonder lounge, with addresses from 942 via 948 E. Santa Clara St., was purchased for $3.4 million.
The Pacific Auto Physique & Paint store constructing at 934 via 936 E. Santa Clara St. was purchased for $1.7 million.
Collectively, the 2 parcels whole about 0.4 acres, San Jose planning paperwork present.
“Milestone Housing’s mission is to generate and keep top quality, protected and reasonably priced housing,” the brand new proprietor of the properties states on its web site. “Creating housing stability establishes a robust basis for our residents, enabling them to deal with bettering their lives.”
The true property developer didn’t reply to e mail and cellphone requests for remark concerning the transaction and the proposal.
Milestone has developed three residential initiatives in San Jose and one residential mission in every of the next cities: Livermore, Santa Cruz, San Luis Obispo, Los Angeles and San Diego, the agency’s web site states.
“We produce housing for people and households with quite a lot of wants, together with everlasting housing for the homeless, veterans and people with disabilities, together with conventional household and senior housing,” Milestone acknowledged within the net publish.
Milestone additionally obtained $4.8 million in financing from Enterprise Neighborhood Mortgage Fund, a nonprofit that makes a speciality of funding reasonably priced properties, on the time of the corporate’s buy of the properties.
“This transaction continues a sample of growth curiosity on Santa Clara Road between Coyote Creek and Freeway 101,” Staedler stated. “Let’s see how lengthy it can take them to get their financing and building began.”