SAN JOSE — A motel in downtown San Jose has been bought by real estate allies who intend to convert the property into a complex to house homeless people.
PATH Ventures, a nonprofit; and Westbank, a big real estate developer with a global reach, have teamed up to purchase downtown San Jose’s Pacific Motor Inn.
The alliance, operating as PMI Partners, paid $18 million for the Pacific Motor Inn property at 455 South Second Street in San Jose’s SoFA district, according to documents filed on Dec. 22 with the Santa Clara County Recorder’s Office.
“In the near term, the existing hotel will be operated as interim housing” for “individuals experiencing homelessness,” a San Jose city staff memo written in February 2023 states.
Eventually, Westbank might develop a 470-unit residential tower on the site. The highrise would consist of 350 market-rate units and 120 affordable units.
The city of San Jose provided the buyers with $22.3 million in financing concurrently with the property purchase, county real estate documents filed on Dec. 22 show.
The motel is being converted to homeless residences through the Project HomeKey program which was crafted to create residential opportunities for un-housed individuals.
Source: www.mercurynews.com