"Over $38 million in loans has been approved for the Gateway Tower project, a 15-story building set to bring 220 affordable units to the SoFA District at 470 South Market Street. Developed by Core Cos., this marks the city's first purpose-built high-rise for workforce housing in Downtown San Jose. The shift to a fully affordable model addresses long-standing financing hurdles and aligns with efforts to meet housing needs amid economic pressures."
"The project reserves 120 units for extremely low-income households, with rents starting at $1,055 for studios and reaching $1,567 for three-bedrooms. Another 98 units target households earning between 50% and 70% of the area median income, offering rents from $1,758 for studios to $2,611 for three-bedrooms, plus two manager units. Public funding, including an additional $25 million from the county, totals over $63 million to make this possible."
Gateway Tower is a 15-story development at 470 South Market Street delivering 220 affordable units in Downtown San Jose's SoFA District. Construction could begin in March 2026 and take about two years to complete. Financing includes over $38 million in loans and more than $63 million in public funding, including an additional $25 million from the county. The project reserves 120 units for extremely low-income households and 98 units for households at 50–70% of area median income, with studio rents from $1,055 to $1,758 and three-bedroom rents from $1,567 to $2,611. The tower aims to enhance the southern gateway, support diverse communities and help retain talent.
Read at Thesanjoseblog
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