Developer switches gears on 200-plus unit downtown San Jose housing project

SAN JOSE A developer has switched gears on a proposed residential improvement with hundreds of units in San Jose and will build market-rate apartments rather than homes for seniors The proposed eight-story project would sprout at Gifford Ave according to documents on file with city planners -unit eight-story apartment building at Gifford Avenue in downtown San Jose concept The growth is expected to produce apartments which will all be offered at region rates according to Erik Hayden founder and managing partner with project developer Urban Catalyst Urban Catalyst has been finding success in its downtown improvement efforts in recent times In August an affiliate obtained a million construction loan to finance a -unit apartment complex at the corner of West San Carlos Street and Josefa Street During the spring Urban Catalyst completed and opened a -room eight-story Marriott TownePlace Suites hotel at West San Carlos St The type of housing that is viable for getting financing is primarily market-rate multifamily apartments Hayden mentioned It s tougher for developers to obtain financing for senior housing trainee housing and affordable housing he stated It would be better for the region and our investors to build something sooner rather than later Hayden declared