Transactions - JULY 29, 2021

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Urban Catalyst proposes $600m OZ office tower in San Jose

by Andrea Zander

Urban Catalyst, a Silicon Valley Opportunity Zone Fund, announced it has submitted its Site Development Permit and Vesting Tentative Tract Map for its Icon/Echo project, slated to bring new office space and residential units to downtown San Jose, Calif. The development will cost around $600 million to build, according to the Silicon Valley Business Journal.

Located at 147 E. Santa Clara Street in the heart of downtown, Icon/Echo will create more than 300 multifamily apartment units and 420,000 square feet of class A office space. The development encompasses about two acres of land and is catty-corner with City Hall and within one block of a future BART station. The two towers will include more than 50,000 square feet of outdoor amenities, including rooftop gardens, as well as state-of-the-art interior common areas.

The transit-oriented development is part of the federal Opportunity Zone tax relief program, and Urban Catalyst — a Qualified Opportunity Zone Fu

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