SAN JOSE. Construction of an unusual multi-purpose tower in downtown San Jose is slated to begin by the end of this year, as project developers have allocated the funds needed to build a high-rise building.
The high-rise building in San Jose is expected to include a mix of offices, homes and restaurants or shops, making it a unique South Bay development as all of these components will be housed in a single tower.
The tower will have 21 floors and will include multiple floors of offices and multiple floors of residential buildings, according to San Jose-based project developer Acquity Realty.
“We have raised all the capital needed for the project,” said Dennis Randall, CEO of Acquity Realty. “We have our entire funding package.”
The tower, dubbed The Carlysle, is planned to be built at 51 Notre Dame Ave, at the corner of Carysle Street.
The high-rise building is located in an opportunity zone where real estate investments can be made with significant tax benefits.
“We have equity capital and funding for the construction has been determined,” Randall said.
The Carlysle project also has all the necessary permits, including building, construction and demolition permits, that are required to build the tower.
“We should be under construction by the end of this year,” Randall said.
One seasoned expert with knowledge of the downtown San Jose market welcomed the project developers’ announcement that the tower has the funding it needs to start construction.
“This is great news,” said Mark Ritchie, president of real estate firm Ritchie Commercial. “It’s one thing to buy real estate, design a project and obtain permits. It’s a completely different level to get money, start building and build it. “
The project also hopes to use the tower as an anchor to create an active corridor along West St. John Street that will help connect the Google-approved transit-oriented Downtown West area next to SAP Center and Diridon train station with bustling San Pedro. Land area.
“We see Carlysle as the connective tissue between Plaza San Pedro and the SAP Center, which will also connect Little Italy,” Randall said. “We can activate this whole area, including the block under the freeway.”
An active outdoor environment with pop-up shops, drinking establishments and restaurants could sprout in this area, which is currently largely dormant.
In the area, besides Little Italy, the main venues for any activity are Henry’s World Famous High-Life Steakhouse, Paesano Ristorante Italiano and Enoteca La Storia Downtown Wine Bar.
“We could add some great outdoor activities to this area,” Randall said.