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Pre-Construction Financing Secured For Icon/Echo, Downtown San Jose



BY: ANDREW NELSON 5:30 AM ON MARCH 26, 2024

Urban Catalyst has received a $10.5 million loan to finance the pre-construction phase of Icon/Echo, a two-tower proposal at 147 East Santa Clara Street directly across from City Hall in Downtown San Jose. The plans will bring hundreds of homes across two acres, with construction now expected to start in one to two years. Gantry is responsible for providing the finance.

According to a press release from the firm, Gantry’s loan was given to “recapitalize the land site and pre-construction costs for the Icon/Echo.” The financing will help push the project to start construction by 2025 or 2026, including demolishing three properties and surface parking and constructing two new towers. Urban Catalyst purchased the final parcel in the 2.1-acre property last year from Sequoia Living for $3.3 million.

The press release also describes that the plan features a 21-story office tower and a 27-story residential building, consistent with Urban Catalyst’s entitled project plans. However, late last year, the developer revealed plans to re-entitle ICON from offices to housing. The new plans have the potential to reshape the site with around six hundred homes. Renderings were published in November, showing the glass-clad design by BDE Architecture.

https://sfyimby.com/2024/03/pre-cons...-san-jose.html