"The breakthrough comes after developer The Core Companies announced it had secured all necessary funding to move forward with the $197-million construction plan. That includes a $38 million loan from San Jose approved by the City Council in late September. The Core Companies intends to develop the wedge-shaped half-acre site - bounded by First, South Market and East William streets - into a glass-walled building housing 220 apartments for low-income residents. It will also include more than 3,000 square feet of ground floor retail space."
"District 3 Councilmember Anthony Tordillos, a backer of the Gateway Tower plan, said he expects the development to provide a boon for the downtown neighborhoods he represents. 'It's the only 100% affordable housing high-rise in the city,' Tordillos told San José Spotlight. 'So (I'm) very excited to see this purpose-built affordable housing coming to the heart of the SoFA district.' The project has secured a mix of funding from public and private sources."
The Gateway Tower is a planned 15-story, 100% affordable apartment building in downtown San Jose's SoFA District that will contain 220 apartments and more than 3,000 square feet of ground-floor retail. The $197 million project secured full funding, including a $38 million loan from San Jose and a $64 million loan from Santa Clara County. The wedge-shaped half-acre site is bounded by First, South Market and East William streets and will feature a glass-walled design. Construction is projected to take roughly two years. The apartments target working professionals earning 30% to 70% of the region's median income, roughly $42,200 to $98,500 annually. The current proposal is a scaled-down version of a 2016 25-story plan that called for 300 units.
Read at San Jose Spotlight
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