Construction has started on a 23-story housing tower in downtown San Jose.
Boston-based Scape North America (associated with London-based real estate firm Scape) is developing the 336-unit Garden Gate Tower at 600 S. First St., the Lake County Record-Bee reported on May 28.
Scape North America arranged as much as $182 million in construction financing from New York City-based Madison Realty Capital, a private equity fund, according to documents filed with the Santa Clara County Recorder’s Office.
“The development of the project would contribute a modern, high-quality urban design to the downtown,” according to a San Jose Planning Department staff report.
The tower’s ground floor will include 5,900 sq. ft. of retail or restaurant space. There also will be an underground parking lot.
