SAN JOSE — A motel in downtown San Jose has been purchased through actual property allies who intend to transform the detail into a posh to accommodate homeless society.
PATH Ventures, a nonprofit; and Westbank, a heavy actual property developer with an international succeed in, have teamed as much as acquire downtown San Jose’s Pacific Motor Inn.
The alliance, running as PMI Companions, paid $18 million for the Pacific Motor Inn detail at 455 South 2d Boulevard in San Jose’s SoFA district, in keeping with paperwork filed on Dec. 22 with the Santa Clara County Recorder’s Place of business.
“In the near term, the existing hotel will be operated as interim housing” for “individuals experiencing homelessness,” a San Jose town body of workers memo written in February 2023 states.
Ultimately, Westbank would possibly manufacture a 470-unit residential tower at the web page. The highrise would encompass 350 market-rate gadgets and 120 inexpensive gadgets.
The town of San Jose supplied the patrons with $22.3 million in financing similtaneously with the detail acquire, county actual property paperwork filed on Dec. 22 display.
The motel is being transformed to homeless flats throughout the Challenge HomeKey program which was once crafted to form residential alternatives for un-housed people.