SAN JOSE — A giant residence advanced being eyed north of downtown San Jose and close to Japantown is now anticipated to incorporate inexpensive models, metropolis paperwork present.
The residential improvement would sprout at 380 North First Avenue in San Jose, based on a metropolis discover {that a} report is being ready to evaluate the venture’s affect on the surroundings.
The 118-unit improvement could be seven tales, based on metropolis public filings.
The venture would bulldoze and exchange a small workplace constructing and a floor parking zone that now occupy the property.
“This website is completely positioned in the midst of an city residential neighborhood,” mentioned Erik Schoennauer, a land-use marketing consultant for the proprietor and developer of the location.
Schoennauer added that the venture is inside strolling distance to “mild rail, Ryland Park, San Pedro Sq., and Japantown.”
Msasa Properties, an entity that’s managed by Silicon Valley tech govt Mostafa Aghamiri, proposed the venture.
An affiliate managed by Aghamiri purchased the property in July 2022, paying $5.3 million for the location, based on paperwork on file with the Santa Clara County Recorder’s Workplace.
The positioning is positioned on the north facet of Basset Avenue between North First Avenue and North Second Avenue, the town paperwork present. The property totals 0.5 acres.
A metropolis submitting concerning the environmental affect report preparation indicated that inexpensive flats could be included within the venture.
An estimated 18 models could be “inexpensive to very-low-income, low-income, and moderate-income households,” the town submitting acknowledged.
The positioning is positioned in a possibility zone. Alternative zones are geographic areas that supply tax benefits to individuals and firms that spend money on properties the homeowners considerably redevelop.
