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
Affordable housing for who ? Low – middle income? Or affordable for techies making 100k a year single?
Lots of large apt complex full of low income family of 4 need a real home to raise their kids, give them the opportunity and move homeless or other low income into those apartment until there are more affordable homes available and then again make the shift. A get in line for this opportunity both for a home & off the street for an apt. Families making 100k are struggling to save for down payment, they are paying 2k for 3 bed apt. That could be a house payment they could be paying. Help those people buy a home where they grew up in san Jose, people are getting greedy selling their 2,bedroom 1.bath run down home for 1.2 million and up cause thats what their neighbor is selling for, they started this outrageous housing price gouging, pure greed. Baby boomers inherit parents old home they lived in for 35-40 years and sell it for millions so they can buy nicer home in a nicer area for their young family, to expensive and time consuming to remodel. This is a snowball affect out of greed is not fair. The country knows those properties are not worth the value they are asking, its ripping each other off to get ahead, maybe buy up more property to rent out at an outrageous price of $2800 to $3500 a month rent causing homelessness out of greed., thats the problem & realtors coach sellers to jackup the housing market so they can get their greedy cut!!