SAN JOSE — Hundreds of affordable homes could sprout on a vacant lot located in an increasingly lively part of downtown San Jose, plans on file with city officials show.
Swenson, a veteran Bay Area real estate firm, has proposed the housing project for an empty parcel at 160 West Julian Street next to North San Pedro Street in downtown San Jose, city documents show.
“A 100% affordable housing development consisting of 205 units” is being proposed for the site, San Jose city planning documents show.
The seven-story project would consist of five stories of housing on top of two stories of parking and amenities, according to the proposal.
The development site is owned by an affiliate of Swenson, which owns numerous properties in downtown San Jose.
The property is located in the North San Pedro neighborhood near the bustling and lively San Pedro Square district. The project site totals roughly 0.9 acres, according to the city files.
Swenson, the city documents show, is planning to use the Low-Income Housing Tax Credit program help finance the construction of the proposed housing.
The Low-Income Housing Tax Credit program reduces a developer’s federal tax liability in exchange for the acquisition, rehabilitation, or construction of affordable rental housing units that will remain income- and rent-restricted over a long period, according to the state Treasurer’s Office. In California’s case, the period is 55 years.
The project would consist of one-bedroom and two-bedroom units, according to the Swenson proposal.
The development would also include a courtyard, according to a massing diagram that’s included in the project plans.
The timeframe for the project’s development wasn’t immediately clear.
The proposal is preliminary. Swenson is seeking feedback from city planners, politicians and community groups regarding the project.