"San Jose officials have committed a significant public subsidy for the Gateway Tower project, a step that will help the first high-rise workforce housing complex downtown begin construction early next year and add hundreds of much-needed units to the city's housing stock. The City Council approved more than $38 million in loans for Core Cos.' 15-story, 220-unit project at 470 S. Market St. that will ultimately cost more than $197 million to build."
"As we look at how we further advance our goals around redeveloping and building out more downtown, we have to look at ways in which we either continue to expand public subsidies and all their forms and incentives or alternatives, as these developments are just challenging to bring forward. The most recent iteration of Gateway Tower represents a scaled-down version of the project approved nearly a decade ago, which envisioned a 25-story, 300-unit complex."
"Along with securing a loan from the city, developers will receive more than $25 million in county financing. Altogether, public subsidies for the project amount to $513,000 per unit. The total development cost per unit is approximately $896,000. Out of the 220 total units, 120 are reserved for extremely low-income households. Rents for a studio apartment would be capped at $1,055, while a three-bedroom unit could cost as much as $1,567."
San Jose City Council approved more than $38 million in loans to Core Cos. for the 15-story, 220-unit Gateway Tower at 470 S. Market St., a project with total development costs exceeding $197 million. Developers will also receive over $25 million in county financing, bringing public subsidies to $513,000 per unit and total cost per unit to approximately $896,000. The project reserves 120 units for extremely low-income households, with studio rents capped at $1,055 and three-bedroom rents up to $1,567. Ninety-eight units target households at 50%–70% AMI with higher rent ranges. The plan is a scaled-down version of a previously envisioned 25-story, 300-unit complex, and construction is slated to begin early next year.
Read at www.mercurynews.com
Unable to calculate read time
Collection
[
|
...
]