Gateway Tower Rises: Affordable High-Rise Housing Approved for Downtown San Jose

Over $38 million in loans has been approved for the Gateway Tower project, a 15-story building set to bring 220 affordable units to the SoFA District at 470 South Market Street. Developed by Core Cos., this marks the city's first purpose-built high-rise for workforce housing in Downtown San Jose. The shift to a fully affordable model addresses long-standing financing hurdles and aligns with efforts to meet housing needs amid economic pressures. With construction potentially starting in March 2026 and wrapping up in about two years, the tower promises to add vital residences to the urban core.

The project reserves 120 units for extremely low-income households, with rents starting at $1,055 for studios and reaching $1,567 for three-bedrooms. Another 98 units target households earning between 50% and 70% of the area median income, offering rents from $1,758 for studios to $2,611 for three-bedrooms, plus two manager units. Public funding, including an additional $25 million from the county, totals over $63 million to make this possible. Such investments highlight San Jose's dedication to creating accessible living options that support diverse communities, including artists who contribute to the local creative economy generating nearly $300 million annually.

Downtown San Jose will gain a new landmark that enhances its southern gateway, blending modern design with proximity to arts and cultural spots. City leaders emphasize how the tower will strengthen the area's character and help retain talent in Silicon Valley.

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Meeting Tomorrow For Gateway Tower, Downtown San Jose - San Francisco YIMBY

Source: The Mercury News

Sharks Secure Future in San Jose with $425 Million SAP Center Revamp

San Jose has forged a landmark agreement with Sharks Sports & Entertainment to anchor the team at SAP Center through 2051, backed by a substantial $425 million investment in the venue. The city plans to contribute $325 million, while the Sharks cover the remaining $100 million plus any additional costs. This deal, set for city council review on August 26, positions the arena as a refreshed cornerstone for sports and events in the heart of Silicon Valley, drawing more visitors and strengthening community ties.

Over the next seven years, renovations will touch every aspect of the 32-year-old facility, from essential maintenance and architectural updates to enhanced food options, merchandise areas, and entertainment features. These changes aim to create smoother experiences for fans, whether attending games or concerts. The agreement also ensures ample parking, with at least 3,175 spaces within a third of a mile and double that within half a mile, making access straightforward for everyone.

Beyond the arena itself, the pact paves the way for an adjacent entertainment district on city-owned land, complete with retail shops, restaurants, hotels, and spaces for arts and culture. Due for detailed planning by September 1, 2027, this expansion builds on recent improvements like the Santa Clara Corridor upgrade and the new Sharks Way designation, turning the area into a lively hub for year-round activity.

A recent economic study reveals that Sharks-related events already generate $235 million in annual visitor spending, supporting 2,740 local jobs and injecting $113 million directly into residents' pockets. This infusion highlights the team's role in driving prosperity, with $163 million in direct impact and $72 million indirectly. As San Jose evolves, such initiatives amplify its appeal as a destination for world-class entertainment and economic vitality.

Penalties outlined in the agreement underscore mutual commitment: early departure by the Sharks could cost up to $549 million, while city shortfalls on payments might trigger up to $200 million in damages. These terms ensure stability, allowing families and fans to count on the Sharks as a fixture in the city's fabric for generations.

Source: SVBJ