Developer scuttles affordable housing project at prime San Jose site

A developer has scuttled an affordable housing development that would have produced 100-plus San Jose homes.

A 160-unit, eight-story San Jose apartment building at 1190 Hillsdale Avenue that would be developed as an affordable housing project, concept.SAN JOSE — A developer has scuttled an affordable housing development that would have produced well over 100 residences in San Jose, a disquieting move spawned by unfriendly economic headwinds.

The real estate firm had proposed 160 affordable apartments on the site, now occupied by a shuttered retail strip center. Grafitti defaces part of the center, which is partly boarded up. The developer, however, believes the neighborhood opposition didn’t impede the project, according to an email on file with San Jose city officials.

One development expert believes interest rates will remain high enough that major construction projects are unlikely in the Bay Area until at least well into 2025, even if the Federal Reserve cuts short-term interest rates sometime in 2024.

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