SAN JOSE – A new residential tower in downtown San Jose, ready to be a gateway to the city’s urban core, is stepping forward now that its developers are seeking approval to raze the site before the project is built .
The proposed project would consist of a mixed-use housing tower with retail on the ground floor and would be built in the trendy and trendy downtown San Jose, South First Area, or SoFA neighborhood.
The project, currently known as the Garden Gate Tower, is planned at 600 S. First St. and is expected to be approximately 27 stories high.
The tower location one block north of Interstate 280 makes the subdivision a potential gateway to the south end of downtown San Jose and the SoFA, a neighborhood of restaurants, bars, clubs, nightclubs and theater.
“It would be revolutionary to build a tower next to 280,” said Bob Staedler, managing director of Silicon Valley Synergy, a land use and planning consultancy.
The project is expected to include 336 residential units and approximately 5,700 square feet of retail or restaurant space on the ground floor.
In March 2020, Scape, a British developer specializing in student housing, bought the property and intends to develop it.
Scape, acting through its subsidiary Scape San Jose, paid $ 16.5 million for the property, which was sold by prominent local developer KT Urban, according to county documents.
To finance the purchase of the property, Scape secured a $ 15 million mortgage from MREF REIT Lender 12, which in turn is controlled by New York-based Mack Real Estate Group, a major real estate investor.
In November 2019, San Jose City Council approved the 27-story skyscraper, designed as a slender tower at South First Street and East Reed Street.
Scape’s main focus is housing for students, according to the company’s website.
Scape was founded on a simple idea, which students deserved better, ”says Scape on its website. “For too long, being a student meant having to compromise on quality of life. “
London-based Scape said its projects are designed as “inspirational” places for students to live and work.
“We’ll make sure you have everything you need to feel safer, quieter and more at ease than any other student accommodation out there,” said Scape.
Garden Gate Tower would sprout across from two other residential developments: Sparq and The Pierce.
“There will be a lot of interest in watching to see if the project is successful,” Staedler said. “This will set the tone for the redevelopment of its surroundings. “