Financing has been secured for proposed affordable housing at 802 South First Street in San Jose, Santa Clara County. The joint venture responsible for the six-story project has agreed to a $66 million loan with PNC National Bank. Construction is expected to start in the fall of this year.
Public records first reported by George Avalos for the Bay Area News Group show that PNC National Bank will provide $66 million, split between two different loans. A construction loan will provide $29 million, and a bridge loan of $37 million will provide temporary financing. Since its inception, the project has shifted to being fully affordable, with 164 below-market-rate homes and two market-rate homes for on-site managers.
802 South 1st Street, rendering courtesy Maracor Development
The project is a joint venture between three separate developers, the Central Valley Coalition for Affordable Housing, Pacific West Communities, and Maracor Development. Construction is expected to cost nearly $100 million and will be finished within two years of work starting. The complex will include a 36,700 square feet garage and 4,100 square feet of residential supportive space.
AO Architects is responsible for the design. The podium-style infill will be articulated to emphasize the corner vertical element, while setbacks and white panels deemphasize the overall scale. Facade materials include stucco, metal louvers, awnings, and brick veneer.
802 South 1st Street, image via Google Satellite with parcel outlined
The project site is located along South First Street between West Virginia Street and Martha Street. Residents will be close to the I-280 overpass that divides the neighborhoods from Downtown San Jose and the SoFA creative district. The rising 23-story apartment complex at 600 South First Street, named the Fay, is five minutes away on foot.
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