Urban Catalyst, an opportunity zone fund sponsor, plans to develop Delmas Senior Living, a six-story, 175,000-square-foot senior living property in downtown San Jose. The company recently purchased the final parcels for the project for an undisclosed amount.
Urban Catalyst said that Delmas Senior Living is the first senior living project to be built in downtown San Jose “in decades.”
Located at 470 W. San Carlos Street, the property will include a mix of studios, one- and two-bedroom assisted-living units, along with memory care studios. It will house 165 units—49 of them dedicated memory care units. Amenities include a commercial kitchen, dining area, bistro, fitness center, hair salon, digital cafe, nurses center, and a rooftop bar/sky lounge.
Urban Cataylst is in its final rounds of comments with the City of San Jose’s building and public works departments. Groundbreaking is slated for the third quarter 2021.
“I am excited to see Delmas Senior Living project moving forward so quickly, and I look forward to the groundbreaking for this much-needed facility in the coming months,” said Erik Hayden, founder and chief executive officer of Urban Catalyst. “This acquisition marks a key milestone for our Fund 1 portfolio and an important step in our downtown revitalization efforts.”
The project was designed by local architect Thang Do of Aedis Architects in coordination with senior facility specialist Lenity Architecture.
This acquisition represents the final parcels needed for all ground-up projects in Urban Catalyst’s Opportunity Fund I, which closed December 30 with $131 million in investments. Other projects include mixed-use office, multifamily residential, hospitality and student housing.
Urban Catalyst focuses on ground-up development projects in downtown San Jose. Its Urban Catalyst Opportunity Zone Fund II is open to investors and seeks to raise $200 million by December 24, 2024, according to a filing with the Securities and Exchange Commission.