Culture

Big San Jose housing project advances with property purchase deal


SAN JOSE — A residential development that would produce hundreds of homes near downtown San Jose has advanced with a property purchase and a financing package to construct the housing, public records show.

The housing project is slated to consist of 300 homes, including scores of affordable units, on sites with addresses of 950 and 970 West Julian Street in San Jose, according to documents on file with San Jose city planners and a state-backed finance agency.

Jemcor Development Partners and Pacific Housing have teamed up to develop the project, whose 300 units will include 178 affordable apartments. Pacific Housing specializes in affordable homes.

The real estate firms paid $11.7 million for the two West Julian Street parcels, using an affiliate for the transaction, according to documents filed on May 14 with the Santa Clara County Recorder’s Office.

The California Municipal Finance Authority has agreed to issue $75 million in tax-exempt bonds to finance the housing project’s development.

The project is targeting an array of income levels for the project.

— 30 units will be restricted to households making 30% or less of the area median income.

— 30 units will be set aside for households making 50% or less of the area median income.

— 118 units will be restricted to households making 60% or less of the area median income.

In June 2023, the state Housing and Community Development Department estimated that the area median income for a household of four people was $181,300 a year.

Using the four-person household as the benchmark, a 30% level would equate to $54,390 a year, 50% would work out to $90,650 a year, and the 60% target would be $108,780 a year.

Caminar, a substance abuse treatment facility, sold the 950 West Julian Street parcel for $7.3 million.

The Boy Scouts of America Silicon Valley Monterey Bay Council sold the 970 West Julian Street property at a $4.4 million price.

It wasn’t immediately clear when construction might begin on the project.

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Source:: The Mercury News – Entertainment

      

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