Demo begins for Construction of New Hotel
A project to build a new downtown San Jose California hotel has is underway with demolition work for the 176-room lodging complex near Google’s proposed transit village.?The project is funded by $48 million in construction financing from Poppy Bank.?Keystone, the name of the new hotel, will operate as a Marriott TowneSuites which is being developed by, Urban Catalyst. The hotel site is located at the corner of West San Carlos Street and Josefa Street in downtown San Jose.?The eight-story hotel is being built in an opportunity zone, which enables real estate investors to obtain favorable tax benefits.?The overall project cost is $100 million.?BDE Architects is the project designer.?Erik Hayden is CEO of Urban Catalyst.??
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