SAN JOSE — More than 200 affordable homes could be built in east San Jose under a plan that’s being fueled by a site proposal and purchase of the land needed for the project.
Community Development Partners has proposed the development of affordable homes at 525 N. Capitol Ave., according to a preliminary proposal submitted to San Jose planners.
Separately, an affiliate of Community Development Partners has bought the project site, paying $6.5 million for the property, documents filed on Dec. 23 with the Santa Clara County Recorder’s Office.
Newport Beach-based Community Development also obtained a loan of $9.75 million from Community Housing Fund at the time of the property purchase, the county records show.
The project site is a short distance from a light rail station and the interchange of Interstate 680 and McKee Road in east San Jose.
The housing development also would be across the street from Capitol Square Mall, whose primary stores are Target, Ross, and Walgreens.
The preliminary plans that the property owner has filed envisions three potential options for the development. Each option would lead to a different number of residences.
One option proposes 160 homes, a second option points to 172 homes and the third option would lead to the development of 208 homes.
The proposed development would be either four stories high or five stories high, depending on the scenario that is ultimately approved by city officials.