Updated plans have shifted a potential apartment complex from predominately market-rate to fully affordable housing at 860 West San Carlos Street in San Jose, Santa Clara County. The updated plans include a slight unit increase compared to the prior 12-story application. The project is a joint venture by Swenson and Republic Urban Properties.
The updated permits were first reported by George Avalos for the Bay Area News Group. As Avalos describes, “affordable housing is often easier to finance because a developer can seek out funding sources that are backed by state bonds, or tax credits, or both.” Fully affordable project will also receive additional streamlining benefits from state laws. However, because the project had been pre-approved, the timeline for approval will be shorter.
Silver at Ohlone, Patina at Midtown, and 860 West San Carlos Street from left to right, image via Google Street View outlined by YIMBY
If built, the latest plans for 860 West San Carlos will now be developed by a 272-unit infill, an increase from the prior application for 251 or 263 apartments with ground-level retail. The City of San Jose approved the project in 2021.
860 West San Carlos is the joint venture’s third and final phase of the estimated $400 million residential development off West San Carlos Street between Sunol Street and Swenson Drive. Crews broke ground in 2016 on phase one, or the 268-unit Silver at Ohlone. Phase two is an eight-story complex with 269 units named Patina@Midtown.
860 West San Carlos Street, image via Google Street View
The estimated cost and timeline for construction at 860 West San Carlos Street have yet to be shared.
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Affordable housing is a term that has no quantifiable meaning. It would be a great addition if SF Yimby would report what the cost per unit of these so- called affordable homes will be. I’m sure the cost of such housing in coastal California will shock readers from outside California. I would also be interested in learning how much different it is in the other areas Yimby covers
That is good.
Of course, if more supply were being built faster, there would not be a need to distinguish between ‘affordable’ and ‘market rate’.
Agreed. It would take a lot of housing to eventually reach a point where the market rate is affordable, but it would be so worth it