Urban Catalyst Gets Green Light on Massive Student Housing Build in DT San Jose

Opportunity zone fund Urban Catalyst has gotten final approval for The Mark, a student housing project in Downtown San Jose near San Jose State University. The 360,000-square-foot development has 200 units that can accommodate 850 students. The project will break ground next year, and will deliver in 2024.

San Jose State University has a student housing shortage, providing a source of demand for the project. Located at 475 South 5^th St., the Mark is located near SoFA Arts District and has views of the campus. The property will feature open-air decks, interior common areas and high-speed WIFI/Internet throughout the building.

Josh Burroughs, Partner and Chief Operating Officer at Urban Catalyst, says that the property will both anchor southwestern edge of campus and offer a connection between Washington Square and the SoFA District. “These types of projects catalyze our urban environment,” he said in a statement.

The Mark is funded through Urban Catalyst’s Fund I, a $134 million ground-up development fund focused in San Jose. The fund has been active in the market since 2019. In addition to The Mark, the fund is redeveloping 201 S. 2nd St. in Downtown San Jose into The Paseo, a 65,000 square feet on three floors of office space over 20,000 square feet of ground-floor retail. It also acquired the Keystone property at 491 W. San Carlos St., the future site of a Marriott TownePlace Suites. The Mark land site was purchased in July of 2019, while the Marriot project received its final approval in August of this year.

In total, the fund has six projects under construction, and it is currently raising capital for Urban Catalyst’s Fund 2.

BDE Architecture in coordination with Gould Evans are designing The Mark, and Asset Living will serve as the property manager.