Construction financing has been secured for an affordable housing proposal at 4300 Monterey Road in San Jose, Santa Clara County. The project will bring 240 units to the southern San Jose neighborhood next to the hill-top Valley Christian Schools campus. Central Valley Coalition and Pacific West Communities are jointly responsible for the application.
Reporting by George Avalos for the Bay Area News Group reports that the developer has secured nearly $71 million in construction financing, representing over half of the overall estimated project cost. Groundbreaking is anticipated to occur before the end of the year.
4300 Monterey Street, image via Google Street View
The five-story complex will yield 240 units across two buildings, including three market-rate units for on-site managers. Building 1 will bring 124 units across 67,750 square feet and 1,420 square feet of retail, and Building 2 will have 116 apartments across 54,800 square feet. Apartment sizes will be mainly studios and one-bedrooms. Parking will be included with space-efficient stackers in each podium.
AO Architects is responsible for the design. Renderings shared by the architecture studio show a colorful apartment complex with white and pastel hues. The site map will be connected with a landscaped courtyard with pathways, a half-court for basketball, and a dog park.
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