Urban Catalyst, a San Jose-based sponsor of qualified opportunity funds and other investment programs, has received unanimous approval from the San Jose City Council for the development of Icon/Echo, a new office and multifamily residential project scheduled to break ground in early 2023.
As the DI Wire previously reported, this follows the unanimous approval for the project by the city’s Planning Commission in early November.
“We want to thank the city council for its thoughtful consideration of our project,” said Erik Hayden, founder of Urban Catalyst. “The progress being made in downtown San Jose is nothing short of amazing. The city in the midst of an exciting reimagining of what an urban landscape can be, and we at Urban Catalyst are delighted to be a part of it. We look forward to moving ahead with our latest project.”
Icon is planned to have more than 500,000 square feet of office space to San Jose’s downtown market, while Echo will add 389-units of multifamily apartment housing.
The two buildings will be located on Santa Clara Street, across from city hall and next to the future Bay Area Rapid Transit Station. Both will be funded through Urban Catalyst Fund II, which is currently open to investors. The fund is a $200 million private placement offering that was launched in 2021. According to the company, the fund had raised more than $100 million as of June 2022.
Urban Catalyst also launched it’s first DST, Industrial Fund I, which is comprised of a single-tenant, 44,765-square-foot industrial building seven miles from downtown Dallas.
Urban Catalyst is a real estate equity fund manager and development company that has focused on ground-up projects in downtown San Jose, California. The company’s first opportunity zone fund, Urban Catalyst Opportunity Fund I, closed in December 2020 after raising $131 million.