The Core Cos. secured decisive predevelopment financing that puts construction of Gateway Tower on track to start this summer. The 15-story structure at 470 South Market Street will introduce 220 apartments in the SoFA district near Downtown San Jose. Every apartment will stand as affordable housing.
Developers adjusted the original market-rate vision to serve households earning 30 to 70 percent of area median income. Housing Trust Silicon Valley contributed $1.5 million from its TECH fund to advance the entire effort. The corner location delivers immediate walkability to transit lines, exciting restaurants, and neighborhood services.
You will gain a front-row seat to this exciting development at the intersection of South Market, East William, and South First streets. The tower places future residents in the middle of Downtown San Jose’s energy with modern homes and shared community spaces. This project will open up new possibilities for families who want to stay rooted in the city core.
Gateway Tower represents meaningful progress toward a more inclusive San Jose. The rising structure will enhance the skyline while providing hundreds of families the chance to call Downtown home. Hopefully we'll see this break ground in the coming weeks. This kind of development keeps pushing Downtown San Jose closer to its full potential as a vibrant world-class destination.
Source:
The Mercury News
