SAN JOSE — A web-site in the vicinity of downtown San Jose is predicted to be created with about 100 cost-effective residences that will be manufactured out there to senior citizens, along with a ground-flooring art gallery.
Milestone Housing Group a short while ago acquired two parcels that will be necessary for the development, which could rise at the corner of East Santa Clara Road and South 20th Avenue in San Jose.
“Units will be readily available to 55-as well as aged people,” Marcus Griffin, a principal govt with Milestone Housing Group, mentioned in an electronic mail to this news organization.
An approximated 99 household models are anticipated to be built on the internet site, which has addresses ranging from 934 as a result of 948 E. Santa Clara St., according to a system set on file with San Jose city officers.
“We are arranging an arts-targeted concept with the project’s operating identify becoming Milestone Senior Arts Colony,” Griffin stated in the e-mail.
The project’s proximity to Roosevelt Park across the road motivated the determination to include a ground-ground artwork gallery, Griffin explained.
The apartments are slated to consist of 71 studios and 28 a person-bed room models, the metropolis files exhibit.
A fitness centre is also predicted to be section of the improvement, according to the municipal scheduling documents.
Milestone Housing Team, performing through an affiliate, compensated a put together complete of $5.1 million for the two parcels at the website, Santa Clara County property records submitted on two various dates in late April clearly show.
The parcel that includes a retail constructing with firms this sort of as a bridal store, tailor store and elegance lounge, with addresses from 942 by 948 E. Santa Clara St., was bought for $3.4 million.
The Pacific Car System & Paint shop developing at 934 through 936 E. Santa Clara St. was purchased for $1.7 million.
With each other, the two parcels full about .4 acres, San Jose arranging files show.
“Milestone Housing’s mission is to crank out and manage significant high quality, safe and sound and inexpensive housing,” the developer states on its web site. “Creating housing balance establishes a sturdy foundation for our people, enabling them to concentrate on bettering their life.”
Los Gatos-centered Milestone has designed 3 residential projects in San Jose and one particular household task in just about every of the adhering to towns: Livermore, Santa Cruz, San Luis Obispo, Los Angeles and San Diego, the firm’s web site states.
The development agency also acquired $4.8 million in financing from Company Neighborhood Personal loan Fund, a nonprofit that specializes in funding reasonably priced households, at the time of the company’s acquire of the properties.
Milestone intends to obtain further funding for the undertaking from Santa Clara County and the city of San Jose, Griffin mentioned.
“We make housing for individuals and people with a wide variety of needs, including permanent housing for the homeless, veterans and persons with disabilities, together with conventional family members and senior housing,” Milestone stated on its internet site.