Urban Catalyst, an opportunity zone fund sponsor that focuses on ground-up development projects in downtown San Jose, has secured its special-use permit and vesting tentative tract map for The Mark, a student-focused high-rise apartment tower to be located downtown a block from San Jose State University.
The Mark was designed to help ease the university’s off-campus housing shortage and provide students and will include more than 200 multifamily apartment units that can house more than 850 new residents in the Bay Area’s largest city. In addition to its proximity to the university’s main campus, the project is near the SoFA Arts District in downtown San Jose. Outdoor amenities will include open-air decks, as well as interior common areas and views of the city and the campus.
“Our goal is to offer students a robust off-campus experience that complements their educational experience,” said Erik Hayden, Founder of Urban Catalyst. “And, importantly, The Mark will help address the long-term problem of an off-campus housing shortage around SJSU.”
Groundbreaking is expected in 2022 with the complex potentially ready for students by the fall semester in 2024.
“We look forward to anchoring the southwestern edge of campus, creating a high-density off-campus connection between Washington Square and the SoFA District,” said Josh Burroughs, partner and chief operating officer at Urban Catalyst. “These types of projects catalyze our urban environment.”
The project was designed by the student housing division of BDE Architecture in coordination with Gould Evans interior design, and will be managed by Asset Living.
The Mark is one of six projects funded through Urban Catalyst’s first opportunity zone fund, Urban Catalyst Opportunity Fund I, which closed in December 2020 after raising $131 million. Urban Catalyst Opportunity Zone Fund II is open to investors and seeks to raise $200 million.