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SAN JOSE — A large residential complex that’s being developed in downtown San Jose near Google’s proposed transit village has landed some key financing from a unit of the tech titan.

McEvoy Apartments, a complex that’s being developed in downtown San Jose by First Community Housing, has obtained a loan from Google Endeavor LLC, a subsidiary of Google, property documents that were filed on Oct. 27 show.

The development is expected to consist of 365 residential units and will be located at 280 McEvoy St. next to West San Carlos Street, according to First Community Housing.

McEvoy Apartments will serve low-income households that earn up to 60% of the area’s median income, which works out to an annual income of $61,000 for an individual or $87,000 for a family of four.

Google Endeavor provided $29 million in financing to McEvoy Street LP, which is an affiliate of First Community Housing, loan documents filed on Oct. 27 with county officials show.

The funding is being used to refinance another mortgage as well as to provide pre-development funding for McEvoy Apartments, according to public property records.

In 2018, First Community Housing bought the 1.1-acre site where the apartments will sprout, paying $13.5 million for the property, the long-time site of a family-owned metal shop. The family that operates S&S Welding on the site sold the property to the developer.

The apartments are slated to rise a few blocks away from a transit-oriented neighborhood called Downtown West that Google is developing next to and near the Diridon train station and the SAP Center.

“McEvoy Apartments maximizes the number of desperately needed affordable units by placing density right where we want it, near our region’s downtown transit center, within walking distance for many of our hardest working residents and families,” San Jose Mayor Sam Liccardo said in February just before the City Council approved the project.

The development is expected to feature two 12-story residential towers, which will be constructed in two phases, one building at a time.

One tower will contain 141 apartments geared towards families in one-, two-, and three-bedroom units. The other tower will provide 224 studios for working singles and couples.

“It is the quintessential transit-oriented development,” said Geoffrey Morgan, president of First Community Housing.

The project will use modular construction in the two highrises and will also employ a new kind of building system that’s called mass-timber construction, which uses heavy timber in the frame of the building.

Lendlease, an Australia-based development and construction firm, will be the builder of the McEvoy Apartments. SERA Architects will design the project.

In 2019, coincidentally, Google announced it had teamed up with Lendlease on what’s expected to become a $15 billion development venture to dramatically transform sections of Mountain View, Sunnyvale, and downtown San Jose with new housing units.

In addition to the pair of residential towers, McEvoy Apartments will also feature rooftop gardens, a courtyard, and gathering areas.

The location of McEvoy Apartments a short distance from the Diridon rail hub is expected to bolster the development greatly, First Community Housing opined.

“The project will provide much-needed affordable homes for more than 360 households adjacent to what promises to be the grand central station of the West,” Morgan said.

 

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By Arlene Huff

Arlene Huff is the founding member of Golden State Online. Before that She was a general assignment reporter. A native Californian, she graduated from the University of California with a degree in medical anthropology and global health. She currently lives in Los Angeles.

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