SAN JOSE — A website in the vicinity of downtown San Jose is envisioned to be made with about 100 reasonably priced apartments that will be designed offered to senior citizens, together with a ground-flooring artwork gallery.
Milestone Housing Team not long ago acquired two parcels that will be desired for the progress, which could increase at the corner of East Santa Clara Street and South 20th Avenue in San Jose.
“Units will be out there to 55-as well as aged people,” Marcus Griffin, a principal government with Milestone Housing Group, claimed in an electronic mail to this information group.
An believed 99 residential units are envisioned to be developed on the web page, which has addresses ranging from 934 by 948 E. Santa Clara St., in accordance to a strategy established on file with San Jose town officers.
“We are scheduling an arts-centered idea with the project’s doing the job title getting Milestone Senior Arts Colony,” Griffin said in the electronic mail.
The project’s proximity to Roosevelt Park throughout the avenue motivated the final decision to consist of a ground-flooring art gallery, Griffin mentioned.
The apartments are slated to consist of 71 studios and 28 1-bedroom units, the town documents display.
A physical fitness centre is also envisioned to be element of the improvement, according to the municipal preparing documents.
Milestone Housing Team, performing through an affiliate, compensated a mixed whole of $5.1 million for the two parcels at the website, Santa Clara County property records submitted on two unique dates in late April show.
The parcel that contains a retail building with organizations these kinds of as a bridal store, tailor shop and natural beauty lounge, with addresses from 942 by 948 E. Santa Clara St., was bought for $3.4 million.
The Pacific Automobile Overall body & Paint shop developing at 934 by means of 936 E. Santa Clara St. was purchased for $1.7 million.
Jointly, the two parcels total about .4 acres, San Jose setting up documents demonstrate.
“Milestone Housing’s mission is to deliver and sustain high high quality, safe and affordable housing,” the developer states on its web-site. “Creating housing balance establishes a robust basis for our people, enabling them to aim on bettering their lives.”
Los Gatos-primarily based Milestone has produced three residential initiatives in San Jose and one particular household venture in each individual of the pursuing metropolitan areas: Livermore, Santa Cruz, San Luis Obispo, Los Angeles and San Diego, the firm’s internet site states.
The advancement business also received $4.8 million in financing from Enterprise Local community Personal loan Fund, a nonprofit that specializes in funding inexpensive houses, at the time of the company’s invest in of the homes.
Milestone intends to acquire additional funding for the venture from Santa Clara County and the metropolis of San Jose, Griffin claimed.
“We make housing for people and people with a selection of desires, including lasting housing for the homeless, veterans and individuals with disabilities, along with regular family and senior housing,” Milestone said on its site.