Revised permits have been reduced plans for the fully affordable Gateway Tower at 470 South Market Street in Downtown San Jose, Santa Clara County. The project has shrunk from 25 floors in 2016 to 21 floors in 2020, and now 15 floors. The Core Companies is the project developer.
Partial demolition will be required for two brick-facade industrial structures, including the Herrold College, i.e., City Landmark Number 74, and the Hegerich & Kemling Auto Sales structure. The third structure will be fully demolished. The project will now rise to 15 floors to create 220 affordable housing units and 3,760 square feet of commercial space. Further information about the design and project scale has not been shared.
Gateway Tower at 470 South Market Street, rendering courtesy Core Companies
According to reporting by George Avalos for the Bay Area News Group in mid-2022, Santa Clara County recently provided Core Companies with a $18.2 million property purchase loan, with a $64 million construction financing loan expected from the 2016 Measure A Affordable Housing Bond.
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 and the Fay, a 23-story residential tower under construction at 600 South 1st Street.
The estimated cost and timeline for the construction of the new plans have yet to be shared. Core Companies have yet to reply to a request for comment by YIMBY as of the time of publication.
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Great news that new housing is being built!!