Affordable homes developer buys San Jose housing project site
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SAN JOSE — A web site where by practically 100 houses could be constructed around downtown San Jose has been acquired by a progress company that specializes in affordable housing.
Milestone Housing Group, acting by an affiliate, has purchased two parcels near the corner of East Santa Clara Road and South 20th Avenue, in accordance to public house records.
The recently bought websites have addresses of 934, 938, 942 and 948 E. Santa Clara St., the county paperwork present. The project web site is in the vicinity of the Olinder and Roosevelt Park neighborhoods.
Los Gatos-based mostly Milestone Housing has proposed the development of 99 household models and 2,500 sq. feet of floor-ground retail space at the web page, documents filed with San Jose planners clearly show.
“San Jose desperately needs to build as considerably economical housing as it can muster,” mentioned Bob Staedler, principal govt with Silicon Valley Synergy, a land-use consultancy.
Milestone Housing Group’s affiliate compensated a blended total of $5.1 million for the two parcels at the site, Santa Clara County residence records filed on two diverse dates in late April exhibit.
The parcel that consists of a retail creating with firms these as a bridal store, tailor shop and magnificence lounge, with addresses from 942 by way of 948 E. Santa Clara St., was bought for $3.4 million.
The Pacific Car Overall body & Paint shop setting up at 934 by means of 936 E. Santa Clara St. was purchased for $1.7 million.
Together, the two parcels full about .4 acres, San Jose scheduling documents display.
“Milestone Housing’s mission is to generate and manage higher high-quality, protected and reasonably priced housing,” the new proprietor of the homes states on its web page. “Creating housing stability establishes a robust basis for our citizens, enabling them to target on bettering their life.”
The genuine estate developer did not respond to email and cellular phone requests for comment about the transaction and the proposal.
Milestone has designed three residential initiatives in San Jose and one residential undertaking in each of the next metropolitan areas: Livermore, Santa Cruz, San Luis Obispo, Los Angeles and San Diego, the firm’s web-site states.
“We develop housing for folks and families with a assortment of desires, together with long term housing for the homeless, veterans and people today with disabilities, alongside with traditional family and senior housing,” Milestone stated in the website put up.
Milestone also obtained $4.8 million in financing from Organization Community Financial loan Fund, a nonprofit that specializes in funding cost-effective properties, at the time of the company’s obtain of the homes.
“This transaction carries on a pattern of progress interest on Santa Clara Avenue between Coyote Creek and Freeway 101,” Staedler mentioned. “Let’s see how lengthy it will choose them to get their funding and building begun.”
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