SAN JOSE – Several large-scale projects in downtown San Jose are expected to open with their first tenants in 2023 or begin construction sometime next year, providing a possible boost to the city’s battered urban core .
Real estate firm Urban Catalyst is making steady progress in revamping a long-closed movie theatre, a new residential tower, a student housing complex, a seniors’ residential complex and a project including an office tower and an apartment building, according to the company. senior executive, Erik Hayden.
The most advanced project is Paseo, a mixed-use redevelopment and redesign of a long-closed movie theater at 201 S. Second St. in downtown San Jose.
The 100,000 square foot Paseo project will create 75,000 square feet of office space and 25,000 square feet of restaurant and retail space.
Several leases have been signed for the commercial spaces on the ground floor of the Paseo.
Urban Putt, an operator of miniature golf courses; Unofficial Logging, which will offer ax throwing as well as a restaurant and bar; and Eos & Nyx, a breakfast, brunch and dinner concept. Eros & Nyx is brought to you by the entrepreneurs behind Original Gravity Public House, Paper Plane, and Miniboss, which are three well-known and successful downtown San Jose food and drink establishments.
“We will have the spaces ready for restaurants before the end of this year,” said Erik Hayden, co-founder and chief executive of Urban Catalyst.
The merchants will then proceed to complete interior upgrades to their respective dining spaces, in preparation for opening dates of “early 2023”, Hayden said.
Urban Catalyst is negotiating with another restaurant to rent the remaining space on the ground floors.
The next major focus with Paseo is to find one or more office tenants for the multiple levels of space above the commercial sites.
Jeff Arrillaga, vice president of Newmark, a commercial real estate company, is leading office leasing efforts.
In a blog post, Urban Catalyst provided updates on several other projects:
– Gifford Place began construction in June, which will bring new seniors’ residences to downtown San Jose. The 165-unit project has addresses at 462 to 470 W. San Carlos St. and 321 to 329 Gifford Ave.
— Tmbr, proposed for a site at the corner of West San Carlos Street and Josefa Street, would add 272 units near Google’s proposed mixed-use neighborhood, a short distance from Diridon Station. Urban Catalyst has secured a letter of intent with a potential partner for the project. Construction could start in mid-2023.
— The Mark, a residential apartment tower for students near San Jose State University and the hip and trendy SoFA neighborhood, is about to strike a partnership deal with a major student housing developer . The construction of this skyscraper could start from April to June 2023.
– Icon and Echo, a mixed-use office tower and high-rise housing development at 147 E. Santa Clara St. could begin construction before mid-2023 on either or both towers.
Urban Catalyst, however, delayed starting an office project at 26, 30, and 36 S. First St., the site of the former Lido nightclub and historic Knox-Goodrich building.
Hayden said it was currently difficult to secure financing for new office buildings amid uncertainty about returning to the office in the wake of the coronavirus.
Paseo, in the former cinema, represents the vanguard of Urban Catalyst’s downtown San Jose projects, given that it is close to opening spaces for new tenants.
“It’s great to see Paseo go this far,” Hayden said during a recent tour of Paseo’s under-construction spaces. “This will create a new ‘restaurant row’ in San Jose. And offices will be a great place to work.