Two residential high-rises could soon be headed to downtown San Jose. The city approved permits and environmental studies for a residential project at 70 South Almaden Ave., formerly a Greyhound Lines station, the Mercury News reports. KT Urban plans to build 23-story and 24-story towers with 708 condo units and 14K SF of retail.
Construction is expected to begin July 2018 and be completed by 2020 to receive fee reductions under San Jose’s Downtown High-Rise Incentive Program. No new high-rise projects have broken ground in downtown since 2015. The project is expected to generate $15M in city revenue for parks, $22M for affordable housing programs and up to $3M in property taxes.
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