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Urban Catalyst Acquires Former Movie Theater; Plans MXU Revamp
Urban Catalyst acquired a currently vacant 70,330-square-foot property in a downtown San Jose, CA designated Opportunity Zone. The new owner plans to transform the asset at 201 S 2nd St. into a mixed-use development. The goal is to revamp the property into 65,000 square feet of tech-friendly office space, and 20,000 square feet of ground-floor retail.
The seller was undisclosed; though according to media reports, the previous ownership consisted of a joint venture, which included Imwalle Properties and Gary Dillabough, who is with Urban Community. Urban Community will work with Urban Catalyst to redevelop the asset, which once housed Camera 12 Cinemas. Revenue losses and maintenance costs shuttered the theater, according to the San Jose Mercury News.
Urban Catalyst is working on developments throughout San Jose’s Opportunity Zone. As such, the new project is in the local company’s wheelhouse. “This is an exciting time at Urban Catalyst as we move forward with another opportunity zone project in downtown San Jose,” said Urban Catalyst founder Erik Hayden. “We’re looking forward to activating the Paseo De San Antonio pedestrian mall with in-demand office and retail, breathing new life into this critical corner of downtown.”
The project is being developed in coordination with Urban Community, and is expected to launch construction in 2020, with projected completion at the beginning of 2021. The building is adjacent to VTA Light Rail, and is located near the Fairmont Hotel, the Hammer Theater, the popular SoFA district, San Jose State University, and the Fairmont Plaza.
“Working with Urban Catalyst, we plan to make over this underutilized space to better reflect the community and create a positive urban environment,” Dillabough said. “We want to help this area come to life.”
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- ◦Development
