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A recent real estate deal and construction financing boost plans for a 173-unit affordable housing project at Stevens Creek Boulevard Urban Village in San Jose. The plan is part of Miramar Capital Group’s larger master plan for 4300 Stevens Creek Boulevard. Pacific West Builders will develop affordable housing.
The deal was released in public documents by Santa Clara County and first reported by George Avalos of the Bay Area News Group. The $3.5 million sale will allow the developer to deliver on its commitment to build affordable housing as part of Miramar’s 580-unit Stevens Creek mixed-use master plan. The developer will now oversee the construction of 407 market-rate homes, a 250-room hotel and approximately 10,000 square feet of retail space.
Orange Architects is responsible for the design. The illustration shows a basic contemporary building complex covered with slabs of stucco or cement plaster. The color palette will include white, gray and orange. Car and bicycle parking is available on site.
Avalos also reported that Pacific West has secured a construction package of approximately $125 million, including nearly $100 million from Citibank. The master plan was approved by the city in September 2022. The revised plan eliminates about 300,000 square feet of office space from the previous version.
The property is located along Stevens Creek Boulevard in west San Jose, near the intersection of Saratoga Avenue and north of Interstate 280. Residents can reach Santana Row in 20 minutes by public transportation and 10 minutes by bicycle.
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