SAN JOSE, Calif. — Urban Catalyst, a Silicon Valley-based Opportunity Zone Fund, has acquired the final parcels of property for its Delmas Senior Living project, the first seniors housing project to be built in downtown San Jose in decades.
The six-story, 175,000-square-foot property will feature a mix of studios, one- and two-bedroom assisted living units, along with memory care studios. It will house 165 units, with 49 of them dedicated memory care units.
Delmas, located in Downtown West, is in its final rounds of comments with the City of San Jose’s building and public works departments. Groundbreaking is scheduled for third quarter of this year.
“I am excited to see Delmas Senior Living project moving forward so quickly, and I look forward to the groundbreaking for this much-needed facility in the coming months,” says Erik Hayden, founder and CEO of Urban Catalyst. “This acquisition marks a key milestone for our Fund 1 portfolio and an important step in our downtown revitalization efforts.”
This acquisition represents the final parcels needed for all ground-up projects in Urban Catalyst’s Opportunity Fund I, which closed Dec. 30 with $131 million in investments. Other projects include mixed-use office, multifamily residential, hospitality and student housing.
“Delmas Living Center not only meets the demand in our local market for senior-assisted and memory care facilities but offers an exclusive setting in one of the most dynamic neighborhoods in the city,” says Josh Burroughs, partner and chief operating officer at Urban Catalyst. “Residents will have easy access to the city’s medical, cultural, and entertainment offerings for the highest quality of living in this space.”
The project was designed by local architect Thang Do of Aedis Architects in coordination with senior facility specialist Lenity Architecture.