California Construction News staff writer
An all-affordable housing complex in San Jose has secured construction financing. The Charles includes 99 residential units at a cost of about $87 million, with funding from various sources including $9.3 million each from Santa Clara County and the city of San Jose.
The Charles building is part of the Tamien Station affordable complex is planned for construction on a 12.5-acre lot owned by VTA, next to the Tamien light rail and Caltrain station.
The first phase of Tamien Station, being developed by The Core Cos. in partnership with Republic Urban Properties and the Santa Clara Valley Transportation Authority (VTA). is expected to complete construction in 2025.
“We’re proud to be able to build upon our San Jose roots and address the needs of the local community by adding hundreds of homes along a vital transit corridor,” said Vince Cantore, vice-president of development at The Core Cos. “Tamien Station is truly a community-defining project, and we couldn’t be more grateful to our financial partners for helping the project advance to this critical point. We look forward to breaking ground in the new year.”
The 1.6-acre site is located adjacent to the Tamien Caltrain and VTA light-rail station building, and the second phase consists of market-rate apartments.