Residents following housing plans in Downtown San Jose can expect early site work to begin within days on the Gateway Tower. The 15-story project sits on a site bordered by Market Street, William Street, and First Street in the SoFA district. Once finished, it will contain 220 apartments, 218 of them restricted as affordable and two reserved as market-rate units for on-site managers.
San Jose-based The Core Cos. partnered with nonprofit Affordable Housing CDC on the joint venture. “After nearly two decades of vision and persistence, Gateway Tower is poised to help shape the future of downtown San Jose,” said Chris Neale, president of Core Cos. Real estate documents filed on October 14 confirmed that JPMorgan Chase, the city of San Jose, Santa Clara County, and the state of California have all closed on development loans. The state Housing Finance Authority estimates total development cost at $197.8 million, or just over $899,100 per unit.
“Closing financing on the project is a major and long-awaited milestone that reflects the strength of our partnerships,” Neale said. Units will be limited to households earning between 30 percent and 70 percent of Santa Clara County median income. Mid-2026 figures set that median at $143,850 for one person and $205,500 for a four-person household, producing income caps that run from roughly $43,155 to $100,695 for singles and $61,650 to $143,850 for a family of four. The mix includes studios plus one-, two-, and three-bedroom apartments.
Ground-floor commercial space totals about 3,300 square feet, with San Jose Jazz Co. expected among the tenants. The most recent residential high-rise to open in Downtown San Jose was The Fay, which welcomed tenants in 2024. Gateway Tower could reach completion in 2029. Neale described the project as delivering “high-quality, affordable homes for San Jose’s downtown workforce, especially artists, musicians, and those who make the SoFA District thrive.”
Source: SiliconValley.com
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