Urban Catalyst, an opportunity zone fund sponsor focused on ground-up development projects in Silicon Valley, has received a site development permit approval from San Jose’s planning department for its Fountain Alley Building.
The project includes 67,000 square feet of office space and 19,500 square feet of retail space located on Fountain Alley, next to Bank of Italy and 200 feet from the future BART Station. Urban Catalyst claims that the property will have one of the largest rooftop bars in Silicon Valley.
The fund also submitted its building permit package to the city on the same day, which it claims typically takes developers six months to submit after planning approval. Groundbreaking on the Fountain Alley Building is scheduled to start in the second quarter of 2021.
“The Fountain Alley Building is one of the first of Urban Catalyst’s many projects that will help with the revitalization of downtown San Jose,” said Erik Hayden, founder of Urban Catalyst. “We opted to take a proactive approach to the development process – simultaneously creating construction documents while seeking planning approval. The reason being that we have confidence in the city’s development process and city leaders’ goals for the redevelopment of downtown.”
Urban Catalyst Opportunity Fund I LLC is a real estate equity opportunity zone fund focused on ground-up development projects in downtown San Jose that seeks to raise up to $250 million in investor equity, according to its SEC filing. The Regulation D offering is structured as a 506(c).