SAN JOSE, Calif.–(Business WIRE)–City Catalyst, Silicon Valley’s leading Possibility Zone Fund, introduced nowadays that the San Jose Setting up Fee authorized designs to construct an prolonged-remain Marriott lodge in San Jose’s Downtown West. The fee gave Urban Catalyst’s Keystone challenge the go-forward Wednesday night time throughout its conference.
Found at 491 W. San Carlos Avenue, this nationally branded prolonged-remain Marriott TownePlace Suites business hotel will be a brief wander from Google’s Downtown West mega-campus. The 8-tale hotel will be 185,000 sq. toes and offer 175 suites and on-site parking. Each and every place will have a kitchen area. The common stay for attendees will be 15 evenings.
The resort is amid 6 ground-up projects in City Catalyst’s Fund I, which shut Dec. 30 with $131 million in investments. Urban Catalyst is now accepting investments for its Fund II, which will be made use of to establish place of work and multifamily initiatives in the heart of downtown San Jose.
“We recognize the support of the Organizing Commission and are thrilled to see this task relocating ahead promptly,” stated Erik Hayden, Founder and CEO of City Catalyst. “As the only prolonged-keep alternative in the main of downtown San Jose, this resort–neighboring Google’s mega-campus and adjacent to the SAP Arena and the Diridon Station–will be a remarkable asset to the town.”
The hotel is anticipated to be concluded in 2023.
“We identified the need for supplemental extended-continue to be lodging in the area provided the expansion of Silicon Valley know-how businesses, along with new businesses—even with the pandemic,” stated Josh Burroughs, Spouse and Main Running Officer at City Catalyst. “This hotel is in a primary location—just methods absent from Adobe’s expanded headquarters and Google’s a short while ago approved mega-campus.”
The undertaking was made by BDE Architecture in coordination with local architect Studio Current.
About City Catalyst
Urban Catalyst is concentrated on floor-up development initiatives in downtown San Jose. In 2020, City Catalyst surpassed their fundraising intention, securing $131 million from buyers through its very first round. Forbes and the Sorenson Effects Center acknowledged Urban Catalyst as a person of the prime 10 Opportunity Zone Resources in the inaugural Forbes OZ 20.