SAN JOSE — A site near downtown San Jose is expected to be developed with about 100 affordable apartments that will be made available to senior citizens, along with a ground-floor art gallery.
Milestone Housing Group recently bought two parcels that will be needed for the development, which could rise at the corner of East Santa Clara Street and South 20th Street in San Jose.
“Units will be available to 55-plus aged residents,” Marcus Griffin, a principal executive with Milestone Housing Group, said in an email to this news organization.
An estimated 99 residential units are expected to be built on the site, which has addresses ranging from 934 through 948 E. Santa Clara St., according to a plan set on file with San Jose city officials.
“We are planning an arts-focused concept with the project’s working name being Milestone Senior Arts Colony,” Griffin stated in the email.
The project’s proximity to Roosevelt Park across the street influenced the decision to include a ground-floor art gallery, Griffin said.
The apartments are slated to consist of 71 studios and 28 one-bedroom units, the city documents show.
A fitness center is also expected to be part of the development, according to the municipal planning files.
Milestone Housing Group, acting through an affiliate, paid a combined total of $5.1 million for the two parcels at the site, Santa Clara County property records filed on two different dates in late April show.
The parcel that contains a retail building with businesses such as a bridal shop, tailor shop and beauty lounge, with addresses from 942 through 948 E. Santa Clara St., was bought for $3.4 million.
The Pacific Auto Body & Paint shop building at 934 through 936 E. Santa Clara St. was bought for $1.7 million.
Together, the two parcels total about 0.4 acres, San Jose planning documents show.
“Milestone Housing’s mission is to generate and maintain high quality, safe and affordable housing,” the developer states on its website. “Creating housing stability establishes a strong foundation for our residents, enabling them to focus on bettering their lives.”
Los Gatos-based Milestone has developed three residential projects in San Jose and one residential project in each of the following cities: Livermore, Santa Cruz, San Luis Obispo, Los Angeles and San Diego, the firm’s website states.
The development firm also obtained $4.8 million in financing from Enterprise Community Loan Fund, a nonprofit that specializes in funding affordable homes, at the time of the company’s purchase of the properties.
Milestone intends to obtain further financing for the project from Santa Clara County and the city of San Jose, Griffin said.
“We produce housing for individuals and families with a variety of needs, including permanent housing for the homeless, veterans and individuals with disabilities, along with traditional family and senior housing,” Milestone stated on its website.
Source: www.mercurynews.com