Urban Catalyst Reveals Plans for $600M Icon/Echo Towers in Downtown San Jose
SAN JOSE, CALIF. — Urban Catalyst has revealed plans to build the Icon/Echo mixed-use project, which will include office, residential and retail components in downtown San Jose. The development will cost around $600 million to build, according to the Silicon Valley Business Journal. The construction timeline for the project has not been disclosed.
The Icon/Echo towers will feature 300 apartment units and 420,000 square feet of Class A office space. The office tower portion of the project will be 282 feet tall, while the apartment complex will be 267 feet tall. The apartment units will sit above 8,500 square feet of ground-floor retail.
The project’s two towers will include over 50,000 square feet of outdoor amenities, including rooftop gardens, as well as interior common areas. Additionally, the towers will have four levels of parking that will hold up to 1,134 cars.
Located at 147 E Santa Clara St., Icon/Echo encompasses about two acres of land and is located close to City Hall and a future Bay Area Rapid Transit (BART) station. The Icon/Echo towers will be located half a mile from the San Jose Museum of Art and about 0.4 miles from San Jose State University.
One of the sites for the project was formerly a Chevron gas station, which Urban Catalyst purchased for $15.9 million in August 2019, according to The Mercury News. The other sites for the project include a former church and a commercial building, according to SF Yimby.
Urban Catalyst, a Silicon Valley Qualified Opportunity Zone Fund, is currently seeking investments for the project. The development is part of the federal Opportunity Zone tax relief program through the Urban Catalyst Opportunity Zone Fund II, which was created earlier this year.
So far, Urban Catalyst has completed the rezoning process for the project and has received approval of the initial tentative map for the land. Additionally, the fund has bought two of the four parcels needed for the development and is currently under contract to buy the remaining two.
“Building high-density development near transit is Urban Planning 101,” says Erik Hayden, founder and CEO of Urban Catalyst. “This project is located on Santa Clara Street, the main drag of the central business district. Once completed, this community could be home to more than 500 residents and over 2,000 employees.”
WRNS Architecture, in coordination with Studio Current, is designing the project. GLS Landscape Architects will be the landscape architect. Greystone will manage the property once it is completed.
— Julia Sanders