An affordable housing development in San Jose, which could potentially house hundreds of residents, has received final approval from the city. The project will be built on a site owned by Swenson and Republic Urban Properties between downtown San Jose and Westfield Valley Fair.
SAN JOSE — An affordable housing development in San Jose that could produce hundreds of residences is moving forward after final city approval.would consist of 272 apartments and be in the city’s Sunol-Midtown district, between downtown and Westfield Valley Fair and Santana Row. 272-apartment affordable housing development at 860 West San Carlos St. in San Jose, concept.
Real estate firms Swenson and Republic Urban Properties own the site and have teamed up to develop the apartments at the corner of West San Carlos and Sunol Street. The seven-story building would include five levels of housing and a two-story podium below the residential levels, according to documents on file with city planners.
“The building will employ a modernist style of architecture to complement the adjacent market-rate buildings in addition to the similar four-to-six-story multifamily buildings in the region,” project plans state. Prior plans for the property called for two options, both involving market-rate housing. One proposed 263 apartments, and the other 251. San Jose officials approved both versions in 2021.
Harsh economic realities such as inflation and costly construction materials, along with elevated interest rates, have made the development of market-rate residential projects more challenging. In a possible response to those conditions, Swenson and Republic Urban switched gears to a 100% affordable apartment development.
The project would reserve 55 units for very-low-income households that earn up to 50% of the area median income and reserve 217 units for low-income households earning up to 80% of the area median income, official plans state.was $195,200 for a family of four and $136,650 for a household of one, according to the state Housing and Community Development Department.
San Jose Affordable Housing Development Sunol-Midtown District 272-Apartment Project Swenson Architecture Republic Urban Properties Modest Style Of Architecture Very-Low-Income And Low-Income Households
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