Urban Catalyst is partnering on the project with Vahe Tashjian, managing director of Dutchints Development, and is coordinating with Urban Community founders Gary Dillabough and Jeff Arrillaga on the user experience for this vertical community.

“Located right in the heart of San Jose as close to Main and Main as possible, this project allows us to maximize the number of walkable amenities offered,” said Tashjian. “As part of our overall plan, we will increase the likelihood of walking, which will directly benefit the health and social vitality of downtown.”

With four acquisitions in the downtown San Jose opportunity zone and the team of professionals working on its team, Urban Catalyst is rapidly advancing its holistic strategy to turn opportunity into impact.

“We are excited to help shape the vision for this project to ensure the property becomes a piece of the puzzle pushing us closer to revitalizing downtown San Jose into a truly great community,” said Dillabough.

Last month, Urban Catalyst closed on the second of two adjacent properties located on West San Carlos Street near Josefa Avenue, one of the busiest corridors in the downtown San Jose submarket. The firm purchased two properties in the coveted location only 200 yards from the proposed Google campus, and steps away from the SAP event center and Diridon train station. It plans to activate the Keystone property by building a new select service 170-room business hotel, which will offer onsite parking.

In May, the company acquired the property at 26 and 30 S. First St. in San Jose, parcels that include the old Lido Nightclub site.

Eligible capital gains for investment into the opportunity zone fund include gains recognizable from taxable exchanges such as the sale of stocks or bonds, the sale of a property or the sale of an interest in a partnership. Both long-term and short-term capital gains can be invested into an opportunity zone fund. Gains taxed as ordinary income and gains from certain derivative contracts are not eligible for qualifying investment, GlobeSt.com learns.

Each investor generally must invest capital gains into opportunity zone fund within 180 days of realizing capital gains. An investor generally must make an election to defer gain in the tax return for the year of the capital gains and the investment in the opportunity fund, and are solely responsible for ensuring eligibility and qualification in each investor’s individual circumstances.

Many taxpayers can defer capital gains through opportunity fund investment including individuals, C corporations (including REITs and RICs), partnerships and trusts. Only investors with qualifying capital gains are eligible for opportunity fund tax benefits, according to guidelines provided by Urban Catalyst.

➤➤ Join the GlobeSt.com ADAPT: Opportunity Zones conference September 16-17 in Baltimore, MD. The new national conference series is aimed at identifying Opportunity Zones across all property types and geographic regions. This first-of-its-kind event will educate, connect and celebrate the investors, developers and owners with the people behind the planning and decision-making, such as architects, consultants, academics and, most importantly, municipal officials. Click here to register and view the agenda.