Urban Catalyst Receives Planning Commission Green Light for Upcoming OZ Developments

Urban Catalyst, a sponsor of opportunity zone funds, has received a unanimous approval from the City of San Jose’s Planning Commission for Urban Catalyst Opportunity Zone Fund II, LLC projects, Icon/Echo.

Urban Catalyst, a sponsor of opportunity zone funds, has received unanimous approval from the City of San Jose’s Planning Commission for Urban Catalyst Opportunity Zone Fund II, LLC projects, Icon/Echo.

Icon/Echo is a new office and multifamily project proposed for construction in downtown San Jose by Urban Catalyst, which is now greenlighted to move forward to the San Jose City Council for final review.

“We are grateful to the Planning Commission for this approval and are pleased to be moving forward with the next phase in the process,” said Erik Hayden, founder and chief executive officer of Urban Catalyst. “With all the great things happening in our city, it’s an exciting time to be building in downtown San Jose.”

Icon is a proposed 500,000 square foot office building and Echo is a 389-unit multifamily apartment building. The planned project will be located on Santa Clara Street, across from city hall and next to a future Bay Area Rapid Transit station. Both projects are being funded through Urban Catalyst Opportunity Zone Fund II, a $200 million private placement offering launched in 2021. According to the company, the fund had raised more than $100 million as of June 2022.

In addition to Icon/Echo, Urban Catalyst currently has six other projects underway in downtown San Jose including The Mark.

Urban Catalyst Funds is a real estate equity fund manager and development company 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.

For more Urban Catalyst news, please visit their directory page.