SAN JOSE — A new proposal for a housing tower about a block from the San Jose State University campus in San Jose specifies that more than 300 of its units will be affordable.
On a 0.5-acre site on South Fourth Street between East San Salvador Street and East William Street, plans now call for the development of 372 housing units in what was previously proposed as a 25-story housing tower, documents show.
Plans advanced by American Housing Co., a real estate subsidiary of oWow, call for an estimated 368 units to be set aside as affordable below-market-rate apartments – four would be market-rate manager’s residences, according to a staff report by the California Debt Limit Allocation Committee.
American Housing Co. estimated the project’s total cost at roughly $159.6 million, according to the Sept. 1 report. That amount includes $94.8 million in construction costs and $6.4 million in land and acquisition expenses.
“We did have Jeremy Harris from oWOW reach out to us about a potential project on the site,” said John Tu, a San Jose city planner.
This news organization attempted to contact Harris by email and phone regarding the situation.
While never built, a prior proposal included 210 units at the site, which has addresses of 439 and 451 South Fourth St.
Active in Oakland, oWow also has proposed to build a 284-unit housing development at 1523 Harrison St. in the city’s downtown district.
In January, an affiliate of oWow saw the foreclosure of a 102-unit apartment complex that it had developed at 1919 Market St. in downtown Oakland.