SAN JOSE, Calif., Aug. 13, 2020 /PRNewswire/ -- Urban Catalyst, an Opportunity Zone Fund focused on ground-up development projects in Silicon Valley, today announced that it received a Site Development Permit approval for the Fountain Alley Building at the Director's Hearing of the City of San Jose Planning Department. This milestone also includes a Vesting Tentative Tract Map approval. Urban Catalyst also submitted its building permit package to the City on the same day. It typically takes developers six months to submit for building permits after planning approval. Groundbreaking is scheduled to start in Q2 2021.
"The Fountain Alley Building is one of the first of Urban Catalyst's many projects that will help with the revitalization of downtown San Jose," said Erik Hayden, Founder of Urban Catalyst. "We opted to take a proactive approach to the development process – simultaneously creating construction documents while seeking planning approval. The reason being that we have confidence in the city's development process and city leaders' goals for the redevelopment of downtown."
The Fountain Alley Building features 67,000 square feet of office space and 19,500 square feet of retail space located mere 200 feet from the future BART Station in downtown San Jose. This area is anticipated to become a retail destination, with shops that will wrap down Fountain Alley and be mirrored by newly renovated retail space in the iconic Bank of Italy. The Fountain Alley Building also will feature one of the largest rooftop bars in Silicon Valley, as well as Class A modern office space, which will integrate the existing historic building for the main entrance and lobby.
"Urban Catalyst is committed to making downtown San Jose a robust community offering housing and prime office space, supported by transportation and a thriving university population," said Joshua Burroughs, COO and Partner at Urban Catalyst. "Location and community are critical considerations for all Opportunity Zone development, and that's why we are excited to be developing a community that has unified support to get these projects over the finish line. We're a step closer today on starting construction on Fountain Alley, but we still have a lot of work to do, and that makes us humble."
About Urban Catalyst
Urban Catalyst Opportunity Fund I LLC ("Urban Catalyst") is a nationally recognized real estate equity fund focused on ground-up development projects in downtown San Jose. In 2020, Forbes and the Sorenson Impact Center recognized Urban Catalyst as one of the top 10 Opportunity Zone Funds in the inaugural Forbes OZ 20. Learn more at https://www.urbancatalyst.com/.
SOURCE Urban Catalyst