Lane Partners has sold the vacant parcel at 500 South Almaden Boulevard in Downtown San Jose to Satellite Affordable Housing Associates for $1.3 million. The sale brings SAHA closer to building dozens of new dwelling units for the San Jose housing market, directly across from the future construction sites of 253 and 280 Woz Way.
Lane Partners sold the small property after making headlines for buying the 17-story Oracle San Jose Tower at 488 Almaden Boulevard in a joint alliance with PIMCO. Oracle sold the downtown office tower for around $155 million. Funding came from a loan from the New York-based Blackstone private equity fund.
500 South Almaden Boulevard is expected to create 87 units across eight stories, ranging from 19 studios, 54 one-bedrooms, and 14 two-bedroom units. Construction is expected to last between two years, adding units affordable for residents earning between 30-60% of the Area Median Income.
Leddy Maytum Stacy Architects, i.e., LMS Architects, is responsible for the design. Development is expected to cost $55 million, with financing coming from the City of San Jose, HCD Affordable Housing and Sustainable Communities Program, and tax credits.
The proposed housing for 500 South Almaden Boulevard will rise directly across two skyline-altering office projects at the intersection of S. Almaden Boulevard and Woz Way. Directly across the boulevard will be 280 Woz Way, a 1.2 million square foot office development by KT Urban. Across the intersection, Boston Properties has proposed a 1.8 million square foot office tower to replace surface parking at 253 Woz Way.
Both towers would help expand the urban core, increase office density by mass transit, and encourage greater housing density, like SAHA’s proposal, in a downtown area still dominated by single-family sprawl. The site is serviced by light rail and will be within walking distance of the future Downtown San Jose BART Station.