Holland Partner Group has secured a $168 million loan to construct 407 apartments in phase one of Gateway Crossing in Santa Clara, Santa Clara County. The loan comes after work started on the first building earlier this year. Once complete, the Gateway Crossing masterplan will create over a thousand and five hundred homes by Caltrain.
The roughly 75-foot tall proposal for Building 2 at 350 Chastain Place will yield around 371,200 square feet with 352,230 square feet for housing, 11,300 square feet for retail, and 11,700 square feet for amenities. Unit sizes will avry with 38 studios, 195 one-bedrooms, 160 two-bedrooms, and 14 three-bedrooms. Parking will be included for 643 cars and 204 bicycles.
Construction has already started on Building 1, a 318-unit apartment complex yielding 288,480 square feet with 5,300 square feet of retail and 10,800 square feet of amenities. Unit sizes vary with 31 studios, 150 one-bedrooms, 123 two-bedrooms, and 14 three-bedrooms. There will be parking for 465 cars and 159 bicycles.
MVE+ Partners is responsible for the design. Both podium-style projects will have a wide base for the massive garage capacity required, with the residential tower zig-zagging above the podium around courtyards to maximize sunlight exposure. Facade materials will include stucco, thin bricks, block cladding, and decorative metal railing. Petersen Studio is the landscape architect, and BKF Engineers is leading civil engineering.
Future residents will be just five minutes away from the Santa Clara Caltrain station, accessible via an underground tunnel. The station is by the sprawling Santa Clara University Campus.
Demolition work was completed sometime between 2016 and 2017, and entitlement approval was granted in 2019. The full buildout of Gateway Crossing will include four apartment complexes with around 1,565 apartments and one 225-key hotel. The project will also include new parks and 45,000 square feet of retail. With construction started on Building One, completion is likely by late 2023 or early 2024.
Holland Partner Group secured the $168 million loan from Sekisui House. The Japanese homebuilders firm had also lent out $128 million for Building One in the early Spring of this year.