Artist's rendering of the new affordable housing complex near the future Little Portugal BART Station.
San Jose has secured financing for a new seven-story affordable housing complex near the future Little Portugal BART Station. This project will provide over 300 units for low-income families and individuals, marking a significant step in addressing the housing crisis. Developed by the Corporation for Better Housing and JSL Real Estate, the complex will feature 303 affordable studios and two units for on-site managers. Construction, funded by $138.6 million, is expected to take 17 months, reflecting the city’s commitment to addressing the urgent demand for affordable living options.
The city of San Jose has successfully secured financing for an important new project that aims to tackle the ongoing housing crisis. A seven-story apartment complex is set to rise at 1271-1279 East Julian Street, which is conveniently located near the future Little Portugal BART Station. This new development is a significant step forward in providing necessary housing options for residents who are seeking affordable living in the bustling Bay Area.
This complex will include more than 300 units of affordable housing, specifically designed to cater to the needs of low-income families and individuals. The property is under the ownership of the Corporation for Better Housing and JSL Real Estate, who have taken on the responsibility of bringing this essential project to life.
To initiate the development, the team acquired two parcels of land on a one-acre site for a total price of $8.15 million. Following this acquisition, the developers secured $138.6 million in construction financing, primarily sourced from the Banc of California. This funding is a crucial element in moving the project forward and ensuring that it is completed on schedule.
The planned apartment complex will stand at an impressive 85 feet tall and comprise 305 apartments. The unit distribution focuses on affordability, with 303 affordable studios and an additional two units designated for on-site managers. This strategic mix is intended to maximize the use of space while prioritizing accessibility for future tenants.
To ensure the project is visually appealing and functional, the development has enlisted the expertise of Y & M Architects as the design firm. Their involvement underscores the importance of thoughtful architectural planning in developing communities that meet the needs of a diverse population.
Once construction commences, the project is expected to take approximately seventeen months from groundbreaking to final completion. This timeline reflects a commitment to efficient project management, aiming to minimize disruption while quickly addressing the urgent demand for affordable housing.
The new apartment complex plays a critical role in San Jose’s broader strategy to address its housing needs. As the population continues to grow, the demand for affordable living options has significantly outpaced the supply. This endeavor not only aims to provide homes but also supports the community’s economic stability by offering living spaces that residents can afford.
With its location near a future transit station, the development is well-positioned to enhance accessibility for residents. Living near a BART station can greatly benefit families and individuals by providing them with convenient options for commuting and accessing essential services within the city and beyond.
In conclusion, the commitment of the city, its partners, and financial backers demonstrates a significant investment in the future of affordable housing in San Jose. As the construction process moves forward, the community will eagerly anticipate the positive impact this new complex will have on the local housing market and the lives of future residents.
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