Urban Catalyst has received a $10.5 million loan to finance the pre-construction phase of Icon/Echo, a two-tower proposal at 147 East Santa Clara Street directly across from City Hall in Downtown San Jose. The plans will bring hundreds of homes across two acres, with construction now expected to start in one to two years. Gantry is responsible for providing the finance.
Icon (left) and Echo (right) residential development, rendering courtesy Urban Catalyst
According to a press release from the firm, Gantry’s loan was given to “recapitalize the land site and pre-construction costs for the Icon/Echo.” The financing will help push the project to start construction by 2025 or 2026, including demolishing three properties and surface parking and constructing two new towers. Urban Catalyst purchased the final parcel in the 2.1-acre property last year from Sequoia Living for $3.3 million.
The press release also describes that the plan features a 21-story office tower and a 27-story residential building, consistent with Urban Catalyst’s entitled project plans. However, late last year, the developer revealed plans to re-entitle ICON from offices to housing. The new plans have the potential to reshape the site with around six hundred homes. Renderings were published in November, showing the glass-clad design by BDE Architecture.
Icon Tower pedestrian view over East Santa Clara Street, rendering by Urban Catalyst
147 East Santa Clara Street, via Google Satellite
Gantry is a San Francisco-based firm founded in 1991. The firm was known as Newmark Realty Capital before rebranding in 2019. In the press release, Gantry’s Principal, Jeff Wilcox, shared that “for this project, Urban Catalyst requested financing to recapitalize the project’s land acquisition and entitlement costs while providing additional proceeds to support final technical programming and site preparation.”
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Please eliminate all the usual red tape and get these buildings completed. They will be a great addition to downtown and will provide housing for hundreds of residents. San José has a history of grandiose designs for housing and commercial buildings that have never been realized. Think of the proposed rehabilitation of the First Church of Christ Scientist across the street from St. James Park, and the two high rise condominium towers flanking it: the initial plans were designed two decades ago and yet nothing has been achieved.