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 |
