A team of local developers have broken ground on a 115-unit affordable housing complex in San Jose for people with and without disabilities.
Developers Divine & Gong and Sares Regis Group of Northern California have linked up with The Kelsey nonprofit group to build the six-story apartment building at 447 North First Street, the San Jose Mercury News reported.
The Kelsey Ayer Station, a Mission-style complex in white, yellow and gray, will include 115 studio and two-bedroom apartments, a quarter of them reserved for people with disabilities. Rents will start at $400 a month for extremely low-income households, according to its website.
Kelsey Ayer, being built in the Ryland district, will include workforce housing and is 500 feet from VTA light rail, a 15-minute walk to Downtown San Jose and a 25-minute stroll to Diridon Station.
The complex will have a fitness room, rooftop patio, garden, support staff offices, dog run and pet-friendly units, community lobby, bike parking and an onsite support concierge.
Construction is expected to be finished in 2024.
The $75 million project is paid for with public and private funds from the city of San Jose, Santa Clara County, a state housing program and state housing finance and federal housing agencies. Money also came from Capital One, Enterprise Community Partners, Housing Trust Silicon Valley, the Weinberg Foundation and individual donors.
Google provided $6.9 million in financing during the development’s initial stages. The search giant bolstered The Kelsey Ayer Station with loans of $5.3 million in 2019 and $1.3 million in 2021, according to the Mercury News.
The city of San Jose recently bought the land beneath the project from an affiliate of The Kelsey, then leased back the property to the agency. Financial terms were not disclosed. City officials hope the purchase will ensure the residences remain affordable for decades.
The Kelsey, founded in 2017 and based in San Francisco, co-develops and designs affordable homes for people with disabilities, and now has more than 240 homes in development.
Devine and Gong, founded in 1985 and based in Oakland, provides finance and development services for the purchase, rehabilitation and operation of affordable housing projects in the western U.S.
Sares Regis, founded in 1992 and based in San Mateo, has developed 19,000 multi-family and residential housing units and 14 million square feet of commercial and civic properties, with more than 2,500 homes in the pipeline, according to its website.
– Dana Bartholomew
Read more
Residential
San Francisco
Mildew, lockouts spark probe of San Jose supportive housing complex
Commercial
San Francisco
Urban Catalyst eyes twin towers in Downtown San Jose