Financing Secured for Affordable Housing at 551 Keyes Street, San Jose

Construction financing has been secured for the six-story affordable housing development at 551 Keyes Street in San Jose, Santa Clara County. The $87 million project will replace the vacant parcel with 99 homes. Charities Housing is the project sponsor.

The 71-foot tall structure will yield around 93,980 square feet, with apartments ranging from studios to three bedrooms. According to reporting by the Bay Area News Group, two of the apartments will be rented at the market rate for the on-site manager’s unit. Once complete, 49 units will be designated for households earning 30% or less of the Area Median Income, and 48 units will be for households earning at or less than half of the AMI.

551 Keyes Street showing sidewalk activity, rendering by David Baker Architects

Parking will be included for 52 cars using stackers and 100 bicycles. Amenities will include an outdoor area along Keyes Street, a landscaped rear yard connected to a common space, and a rooftop deck beside a laundry room.

551 Keyes Street ground-level floor plan, rendering by David Baker Architects

551 Keyes Street pedestrian activity, rendering by David Baker Architects

David Baker Architects is responsible for the design. The project will be articulated with setbacks, protruding balconies, and steel-shader framed windows facing Keyes Street. The north-facing exterior will be carved with vertical sawtooth bay windows, positioned to shield residents from the long direct sunlight in the morning and evening hours.

The 0.65-acre property is located along the north side of Keyes Street between South 12th Street and the Five Wounds Trail, close to the Happy Hollow Park & Zoo. The site is across from where AMG & Associates has proposed the Senter Road Residential Project, a line of 44 townhomes between Keyes and East Alma Avenue on a narrow 2.23-acre plot of land.

551 Keyes Street seen from across Keyes and South 12th Street, rendering by David Baker Architects

551 Keyes Street, image via Google Satellite

According to reporting by George Avalos for the Bay Area News Group, the funding will be divided between various sources, with $9.3 million from Santa Clara County, another $9.3 million from the city, $12.2 million from investments that received low-income housing tax credits, and $44.6 million from tax-exempt bond proceeds. Construction is expected to last around a year and a half, with full occupancy possible within eight months. Blach Construction is the general contractor.

UPDATE: The article has been updated to reflect that Blach Construction is the general contractor. The firm announced on June 15th, the day after publication, that Charities and Blach have broken ground.

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