Urban Catalyst Completes Downtown San Jose Land Assemblage

Urban Catalyst, a real estate fund manager and developer based in San Jose, has completed the land assemblage for its Icon/Echo development project after acquiring a critical site kitty-corner from San Jose City Hall. The company had been in a three-year option contract to purchase the fourth and final parcel, a 26-stall parking lot previously owned by Town Park Towers LP, which operates an age-restricted senior living facility overlooking the site.

Terms of the latest deal weren’t disclosed. The entire assemblage consists of four contiguous land parcels spanning over half a city block in Downtown San Jose’s Civic Center neighborhood.

“This is a critical piece in the assemblage to execute the Icon phase of our project and achieve the densities commensurate with our urban downtown,” said Joshua Burroughs, Urban Catalyst’s COO: “We needed to coordinate with multiple consenting parties, ultimately providing a sale solution and comprehensive package that benefited our Icon/Echo project and the seller.”

The two-phase development will include Icon, a 22-story, 510,000-square-foot office tower development, and Echo, a 27-story, 388-unit multifamily high-rise project