A joint venture between two San Jose-based developers, Republic Urban Properties and Swenson Builders, has garnered approval to construct a 263-unit mixed-use complex at 860 West San Carlos St. in San Jose. The proposed 12-story tower would contain 38 studio units, 19 junior one-bedroom units, 146 regular one-bedroom units and 60 two-bedroom units, as first reported by The Mercury News.

Construction is slated to start sometime in 2023; the developers need to secure a construction loan. The project will also contain 13K SF of ground-floor retail. This latest addition marks the third and final phase of a project that originated in 2006 when the site of the former Santa Clara Valley Transportation Authority bus maintenance and storage yard was sold and Republic Urban and Swenson were selected to develop the area. Two towers have already been built.

Dubbed The Ohlone, the new property will be close to Google’s proposed development, Downtown West, which the company has stated will be a mixed-use facility with more than 4,000 housing units and 7.3M SF of offices.

San Jose has experienced a boom in development and investor interest across the multifamily, office and mixed-use segments, gobbling up office space from San Francisco as tenants are enticed by attractive rental rates and better proximity to the tech industry’s intellectual capital.