SAN JOSE — A residential development that would produce hundreds of homes near downtown San Jose has advanced with a property purchase and a financing package to construct the housing, public records show.
The housing project is slated to consist of 300 homes on sites with addresses of 950 and 970 West Julian Street, according to documents on file with San Jose city planners and a state-backed finance agency.
Jemcor Development Partners and Pacific Housing have teamed up to develop the affordable housing project. Pacific Housing specializes in affordable homes.
The real estate firms paid $11.7 million for the two West Julian Street parcels, using an affiliate for the transaction, according to documents filed on May 14 with the Santa Clara County Recorder’s Office.
The California Municipal Finance Authority provided $107 million in financing for the project development, county records show. This included $75 million in tax-exempt bonds.
The project is targeting an array of income levels.
— households making 30% or less of the area median income.
— households making 50% or less of the area median income.
— households making 60% or less of the area median income.
In June 2023, the state Housing and Community Development Department estimated that the area median income for a household of four people was $181,300 a year.
Using the four-person household as the benchmark, a 30% level would equate to $54,390 a year, 50% would work out to $90,650 a year, and the 60% target would be $108,780 a year.
Caminar, a substance abuse treatment facility, sold the 950 West Julian Street parcel for $7.3 million.
The Boy Scouts of America Silicon Valley Monterey Bay Council sold the 970 West Julian Street property at a $4.4 million price.
Construction was slated to be completed in the July-through-September third quarter of 2026, county documents state. Occupancy was scheduled for the same quarter.
“These are projected dates and no default shall arise in the event they are not met,” stated an agreement between the development group and the city of San Jose that was recorded with the county.
