A significant development is on the horizon for Downtown San Jose as Gateway Tower secures over $220 million in funding to bring affordable housing to the vibrant SoFA District. The Core Companies will construct a 15-story residential building at 470 S. Market Street, drawing support from the city of San Jose, Santa Clara County, and state resources. This project marks a step forward in addressing housing needs while enhancing the area's appeal as a center for arts and culture.
The tower will feature 220 units designed for residents earning 30% to 70% of the area median income. Among these, 55 units are set aside for rapid rehousing to help combat homelessness. A tenant preference program will give SoFA-based artists the first opportunity for some residences, supporting the district's creative community. Ground floor retail space exceeding 3,000 square feet will add to the neighborhood's lively street-level activity. The first four floors will also serve as a parking garage, ensuring convenience for residents and visitors.
Construction kicks off in the first quarter of 2026, with completion slated for early 2028.
Source: SVBJ
