Urban Catalyst—a developer focused on building in tax-exempt Opportunity Zones— submitted plans today for a proposed hotel close to the future Google campus on the western side of downtown San Jose.
The project at 491 W. San Carlos St., the site of the former Keystone Restaurant Supply store, lies close to Adobe’s headquarters, the Diridon Station and the SAP Center.
“By building a transit-oriented development, we can provide our growing community with easy access to alternative transportation options that allow greater work and life flexibility,” the project’s architect, Jeff Current of Studio Current, said in a news release about the plan being submitted to the city. “This hotel will be specifically designed to generate a vibrant, walkable option close to surrounding transit stations.”
At build-out, the so-called Keystone project will comprise a 170-room extended stay business hotel with an outdoor courtyard and BBQ area, a rooftop deck and 160 parking spots for guests. The property is pre-zoned and general plan-approved for mixed-use development. Construction is expected to start in the latter half of 2020.
Walter Brosch, an operator for TMH Hotels, said the project meets a growing demand for business lodging in downtown.
Joshua Burroughs, a partner with Urban Catalyst, called the planned hotel another sign that the Opportunity Zone fund is hitting its milestones.
“Moving forward with the hotel on our Keystone property is an exciting addition to our portfolio of projects, as it satisfies the demand for a downtown hotel within walking distance to mass transit and helps revitalize the area,” he said in the same press release emailed Wednesday morning. “Through these property purchases, we are making bold moves to revitalize the area by filling the demand for downtown hotels offering walkability and easy access to mass transit.”