SAN JOSE – A large residential complex under development in downtown San Jose, near Google’s proposed transit village, has secured key funding from a unit of the tech titan.
McEvoy Apartments, a complex under development in downtown San Jose by First Community Housing, has secured a loan from Google Endeavor LLC, a subsidiary of Google, with property documents that were filed on October 27.
The development is expected to consist of 365 residential units and will be located at 280 McEvoy Street, off West San Carlos Street, according to First Community Housing.
McEvoy Apartments will serve low-income households earning up to 60% of the region’s median income, which equates to an annual income of $ 61,000 for an individual or $ 87,000 for a family of four.
Google Endeavor provided $ 29 million in funding to McEvoy Street LP, which is a subsidiary of First Community Housing, according to loan documents filed Oct. 27 with county officials.
The financing is used to refinance another mortgage as well as to provide pre-development financing for the McEvoy apartments, according to public ownership records.
“Google has really put its money where it says it is,” said Geoffrey Morgan, president of First Community Housing. “They come looking for affordable housing. “
In 2018, First Community Housing purchased the 1.1-acre site where the apartments will sprout, paying $ 13.5 million for the property, the long-standing site of a family-owned metal shop. The family that operates S&S Welding sold the property to the developer.
The apartments are expected to be a few blocks from a transit-oriented neighborhood called Downtown West that Google is developing next to and near Diridon Station and the SAP Center.
“McEvoy Apartments maximizes the number of affordable units we desperately need by placing density where we want it, close to the downtown transit hub of our area, within walking distance of many of our residents and hardest-working families, ”San Jose Mayor Sam Liccardo said in February just before city council approved the project.
The development is expected to feature two 12-story residential towers, which will be constructed in two phases, one building at a time.
One tower will contain 141 apartments for families in one, two and three bedroom units. The other round will provide 224 studios for singles and working couples.
“This is the quintessential transit-focused development,” Morgan said.
The project will use a new type of building system called solid timber construction, which uses heavy timber in the building frame.
Lendlease, an Australia-based development and construction company, will be the builder of the McEvoy apartments. Sera Architects will design the project.
“Transit-oriented development prioritizes sustainability, creating vibrant places, cutting-edge construction techniques, and the health and well-being of the people who will live there,” said Veronica Hinkley Reck, Senior Manager at SERA Architects. “The project helps meet the state’s critical housing needs for low-income residents.
In 2019, by coincidence, Google announced that it had partnered with Lendlease on what is set to become a $ 15 billion development company to radically transform sections of Mountain View, Sunnyvale and downtown San Jose. with new housing units.
In addition to the pair of residential towers, the McEvoy Apartments will also feature rooftop gardens, a courtyard, and gathering areas.
The towers will also include a “creative space” where people can “learn, teach and craft,” Morgan said.
The location of the McEvoy Apartments a short distance from the Diridon rail hub is expected to boost development significantly, First Community Housing said.
“The project will provide much-needed affordable housing to more than 360 households adjacent to what promises to be the great central station in the West,” Morgan said.