San Jose Housing Odyssey: San Jose has greenlit a major housing project, signaling a significant move in the city’s development trajectory. The endeavor, led by Roygbiv Real Estate Development, is strategically located near a future BART station, aligning with the Five Wounds Urban Village plan to breathe new life into the community. This transformative project encompasses 913 apartments, a substantial portion of which—407 units—are earmarked as below market-rate, contributing to the city’s affordable housing initiatives.
The approval is good, but affordability worries remain. Sandy Perry, president of the Affordable Housing Network of Santa Clara County, says the project’s affordability standards don’t meet the region’s low-income housing needs. Perry emphasizes the critical need for housing accessible to those earning between 30% and 50% of the median income.
In response, Roygbiv’s CEO, Loida Kirkley, expresses regret over the affordability levels not being more extensive but points to the current challenges posed by higher interest rates hindering development. Kirkley emphasizes her commitment to workforce housing, with the goal of preventing individuals from falling into homelessness.
The project’s location at 1325 E. Julian St., just west of Highway 101 and near the planned 28th Street/Little Portugal BART Station, positions it strategically for future transit accessibility. Comprising six buildings, including a ten-story structure, the project is set to offer a mix of affordable and market-rate apartments. Additionally, the development includes commercial space on the ground floors, contributing to a more vibrant and diverse community.
Given the challenges posed by the current economic landscape, Kirkley expects the project to break ground around 2024, with an estimated completion time of approximately three years. Despite the affordability concerns raised, the project’s approval signifies a step forward in San Jose’s urban development, aiming to address housing needs while revitalizing the community.
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