Urban Catalyst, an opportunity zone fund sponsor that focuses on ground-up development projects in downtown San Jose, has submitted its site development permit and vesting tentative tract map for its Icon/Echo project, a mixed-use office and multifamily property. The development is part of the federal opportunity zone tax relief program.
Located at 147 E Santa Clara Street, Icon/Echo will include more than 300 apartment units and 420,000 square feet of Class A office space. The development encompasses approximately two acres of land and is across from City Hall, within one block of a future BART station. The two towers will include more than 50,000 square feet of outdoor amenities, including rooftop gardens, as well as interior common areas.
“Building high-density development near transit is urban planning 101,” said Erik Hayden, founder and chief executive officer of Urban Catalyst. “This project is located on Santa Clara Street, the main drag of the central business district. Once completed, this community could be home to more than 500 residents and over 2,000 employees.”
Urban Catalyst said that it has also completed the conforming rezone process for the project to align with the city’s general plan and has received approval of the initial tentative map for the project land. The firm has purchased two of the four parcels needed for the development and is under contract to purchase the remaining two.
The project is being designed by WRNS Architecture in coordination with Studio Current, and once completed, will be managed by Greystar.
Urban Catalyst Opportunity Zone Fund II is open to investors and seeks to raise $200 million, according to a filing with the Securities and Exchange Commission. Its first opportunity zone fund, Urban Catalyst Opportunity Fund I, closed in December 2020 after raising $131 million.