319-Unit MF Planned in Downtown San Jose
The McEvoy Apartments, a 319-unit residential complex, has been proposed in downtown San Jose. The development team plans to bring affordable housing to a site at 280 McEvoy St. near the Diridon train station, and an area where the Google Village mixed-use, transit-oriented community is planned.
The two-stage development project moved forward following the completion of a property sale and the developer securing key financing. The initial phase includes a mix of one, two and three-bedroom rental apartments, while the second phase would be primarily studio units.
First Community Housing affiliate McEvoy Street acquired land from 699 West San Carlos Street, where S&S Welding, a metal shop owned by the Nick D’Arpino family operates. A First Community Housing affiliate obtained $15.8 million in financing from Housing Trust Silicon Valley, including $9.4 million to finance the purchase, and another $6.4 million for pre-development costs.
Borelli Investment’s Ralph Borelli helped arrange the property sale.
For comments, questions or concerns, please contact Dennis Kaiser