Affordable Housing Tower Proposed for South Fourth Street Near SJSU

A half-acre parcel at 439-451 South Fourth Street has drawn fresh interest from American Housing Co., a subsidiary of the Oakland-based firm oWow. The new ownership seeks to advance a roughly 25-story, 261-foot residential tower on the site between East San Salvador Street and East William Street. Previous plans approved in 2024 under Nelly Amas called for 210 units aimed largely at San Jose State University students and faculty. Those designs, prepared by Salvatore Caruso Design Corp., never advanced to construction.

The updated concept expands the unit count substantially. Developers estimate 368 apartments set aside as affordable below-market-rate homes, plus four manager residences, for a total of 372 units. Exact floor plans and architectural details remain under wraps, though oWow could revise the earlier Caruso renderings with its in-house design team. Project costs have been pegged near $159.6 million, including about $94.8 million for construction and $6.4 million for land and acquisition, according to a California Debt Limit Allocation Committee staff report from early September.

Location advantages helped keep the parcel in play despite earlier stalls. The site sits a short walk from the SJSU campus, within easy reach of Downtown San Jose’s business core and nearby transit options. High-density housing here could serve students, faculty, and other residents seeking proximity to campus life without long commutes. Existing low-rise buildings on the property, including the Metro Station apartments, would need to come down to make way for the tower.

San Jose has seen multiple proposals cycle through this address over recent years, with city approvals secured yet construction still pending. The pattern reflects broader challenges facing affordable projects across Santa Clara County, where funding gaps have delayed hundreds of units. Advocates for additional housing will watch whether American Housing Co. can secure financing and move this denser version forward where earlier efforts paused.

Adding hundreds of income-restricted apartments on a compact urban lot would expand options close to one of the city’s major educational anchors. Progress on South Fourth Street could contribute to the steady growth of residential capacity that supports Downtown San Jose’s ongoing evolution.

Source: SFYIMBY