KT Urban, one of Downtown San Jose‚Äôs most dedicated high-rise development firms receives approval for the former downtown San Jose Greyhound Station at last night‚Äôs City Council meeting. The roughly 1.6-acre site is located at 70 S. Almaden Ave, an area of downtown San Jose in serious need of investment.
"On behalf of The silicon valley organization and our 1400 member businesses, we would like to express our support of this project," said Sr. Director of Public Policy Victor Gomez at the Tuesday night meeting. "As mentioned in our letter, this project will bring much needed funds to the city through taxes and impact fees that will benefit the entire community."
Downtown high-rise development results in some of the highest one time investment and assessed valuations both in absolute dollars and on a per acre basis. Taxpayers will benefit from impact fees that pay for City staff, parks, and affordable housing.
The new residential towers will permit the construction of 708 residential units with 13,974 square feet of ground floor retail in two high rise towers (23 and 24 stories respectively) on the subject property, will inject much needed foot traffic and the density needed to assist in sustaining.
The SVO applauds the San Jose City Council for their unanimous approval of this crucial project for downtown San Jose.