Core Companies has now purchased the necessary property for Gateway Tower, a proposed 24-story residential tower at 470 South Market Street in Downtown San Jose. The project would create 300 affordable units, with funding coming from Santa Clara County. DLR Group is the project architect.
Gateway Tower, elevation courtesy DLR Group
The 262-foot tall building will yield around 300,000 square feet. The rent prices will offer a mix of affordable housing for various incomes. Units will start for households earning as little as 30% of the Area Median Income, while the highest income bracket will be for households earning around 120% of the Area Median Income. Amenities will feature on-site, including a gym, community room, and a garden.
The property is located on the southern end of a narrow block, bound by Market Street, South First Street, and William Street. Residents will overlook Parque de Los Pobladores. The property is also across from The Taft Apartments, a six-story residential project with 130 units.
Gateway Tower base at 470 South Market Street, rendering courtesy DLR Group
Chris Neale, President of Core Companies, said of the progress with Gateway Tower, “the Core Companies is thrilled to deliver another affordable housing project in Santa Clara County.” The other notable project that Neale’s firm is working on is Agrihood, which has seen concrete rising on-site.
According to reporting by George Avalos of the Bay Area News Group, Santa Clara County recently provided the $18.2 million property purchase loan to Core Companies, with a $64 million construction financing loan expected to follow up later from the 2016 Measure A Affordable Housing Bond.
Gateway Tower at 470 South Market Street evening view, rendering courtesy DLR Group
According to the press release by the developer and Santa Clara County, “Core Companies will work to secure necessary permits and the remainder of the financing through tax credits and bonds through the State of California.”
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What exactly do they mean by “affordable”? Because in all bay area it looks like over a 1 million and pay using deb of 30 to 50 years is affordable, I wonder how many homeless people can afford that.
Marcos, they say what they mean by “affordable” quite clearly in the article; affordable to those making between 30% and 120% of AMI. The development includes a mix of studios, 1bd, and 2bd units, so the rough range of rents would be $884/mo for a 30% AMI studio up to $4,550/mo for a 120% AMI 2bd unit.
A certain number of units are paid for by measure a. They are for formerly homeless.
The rent is paid for by HUD . They Pau different rates. The tenant pays one third of their income