Tamien Station, a residential development with 135 affordable housing units located at 1197 Lick Ave. on the edges of downtown San Jose, concept. (Studio T Square)
SAN JOSE — A proposed development of affordable homes at a busy train station next to downtown San Jose has landed a crucial chunk of financing through a state bond award.
The first phase of Tamien Station, a transit-oriented residential development, has been awarded $64 million from the California Debt Limit Allocation Committee, according to the project’s developers.
Two veteran real estate developers, The Core Cos. and Republic Urban Properties, have teamed up to develop multiple phases of a residential project that is slated to sprout at 1197 Lick Ave. next to the Tamien train station in San Jose. Tamien Station is served by Caltrain, light rail and buses.
The project would produce 165 affordable housing units, the developers said.
Along with the $64 million, the project has also landed financing to the tune of $28.7 million from the Affordable Housing and Sustainable Communities program, $25 million from Santa Clara County and $17.25 million from the city of San Jose.
“Tamien Station is truly a community-defining project,” said Vince Cantore, vice president of development with Core Cos. “We couldn’t be more grateful to our financial partners for helping the project advance to this critical point.”
The funding from the state government means the project now has all the financing it requires to launch construction, according to Cantore.
“The bond allocation was the final piece of the financing puzzle to fall in place,” Cantore said in comments emailed to this news organization.
The developers hope to break ground on the 165 units sometime during the April-through-June second quarter of this year.
The 1.6-acre site where the housing would rise is located on a parking lot that’s owned by the Santa Clara Valley Transportation Authority.
“This project advances VTA’s goal for 40% of all housing built on its transit-oriented development sites to be affordable,” said Ron Golem, VTA’s director of real estate.
Originally published at George Avalos