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Wednesday, December 8, 2021

Residential tower in downtown San Jose advancing, land building loan

SAN JOSE – A new residential tower with hundreds of apartments could rise at one of the gates to downtown San Jose now that the project developer has received the building loan the company needs to build a multi-story building.

The Garden Gate Tower at 600 S. First St. in the SoFA area in downtown San Jose has received the necessary construction funding, according to filings with the Santa Clara County Registrar’s Office.

Boston-based Scape North America, a developer affiliated with London-based Scape, has committed up to $ 182 million to build the San Jose Tower, property records reviewed by the news organization show.

“The Scape’s Garden Gate tower will anchor at the south gate leading to the city center leading to the SoFA area,” said Scott Nees, executive director of the Downtown San Jose Association.

The project is being built on a 0.4-acre site on South First and East Reed Streets in the Sofa District, a vibrant neighborhood of restaurants, nightclubs, cocktail lounges, entertainment venues and live theaters.

New York-based private equity firm Madison Realty Capital provided a construction loan to Scape North America, according to county documents.

Scape intends to build a 23-story tower with 336 apartment buildings, according to documents filed with San Jose’s urban planning.

World Nation News Deskhttps://www.worldnationnews.com
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