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Approved San Jose Site Sells to VTA for Diridon Station Revamp
Urban Catalyst, a real estate fund manager and developer based in San Jose, facilitated the $23.8-million sale of an approved apartment development site in San Jose to the Santa Clara Valley Transportation Authority (VTA). The deal paves the way for VTA and a group of partner agencies to advance plans for a redeveloped Diridon Station, already among the West Coast’s busiest transit hubs.
The site had been entitled for Apollo, a 20-story, 472-unit apartment project to be built on two adjacent parcels at 32 and 60 Stockton Ave. But VTA and other agencies approached Urban Catalyst about selling the site, a short walk from Diridon Station, with a view toward accommodating the first phase of California’s “bullet train” project.
“We weren’t planning on facilitating this sale; we planned on building Apollo,” said Urban Catalyst CEO Erik Hayden. “Yet after being approached by the city and other Partner Agencies about potentially selling the property to them, Urban Catalyst worked with various local government and transit agencies to find a good solution.”
- ◦Sale/Acquisition
- ◦Development
