Affordable homes project in San Jose makes progress with property deal
SAN JOSE — An affordable housing development that would bring about 100 units to San Jose’s Willow Glen district has passed a key milestone after a developer bought the project site.
Resources for Community Development, acting through an affiliate, has paid $5.25 million to buy parcels with addresses of 520 and 544 West Alma Avenue, according to documents filed on June 2 with the Santa Clara County Recorder’s Office.
The real estate firm, which specializes in the development of affordable housing, also landed a $5.25 million loan from Housing Trust Silicon Valley to cover the purchase price, the county records show.
Resources for Community Development has proposed a 90-unit project at the West Alma site, which is near the Guadalupe River, according to city and county public documents.
The development would sprout in the lively Willow Glen neighborhood of San Jose.
The development would consist of 89 affordable apartments and one manager’s unit.
Of the 89 affordable units, 68 would be set aside for low-income residents and 21 would be set aside for very-low-income residents, the property records show.
The sellers were family trusts headed up by Irvine-based Lisa Blickenstaff, Steve Plevin and Erica Gilman, according to public files in Santa Clara County.
The housing development site once housed Agave Sports Bar, which is shuttered.
The Guadalupe River is located on the eastern boundary of the development site.
“The proposed housing development will take advantage of its location next to the wonderful natural asset of the Guadalupe River,” the project plans state.
Berkeley-based Resources for Community Development aims to create extensive landscaping leading from the second-level open space to the banks of the nearby Guadalupe River.
This project element was crafted to smoothly link the apartment complex with the river’s natural features.
“This development will enhance and restore the areas adjacent to the Guadalupe River so that they become assets to this project as well as the neighborhood in a way that was absent in the previous surrounding developments,” the project plans state.
The homes would be contained within a five-story apartment building on floors two through five. The ground floor would include offices and amenity spaces, as well as parking, according to the city planning documents.
“The building will also include amenities such as a large community room, a large outdoor courtyard, and laundry facilities to serve the residents and their guests,” the plans state.