SAN JOSE — An unusual mixed-use tower in downtown San Jose is slated to begin construction by the end of this year because the project’s developers have landed the funds they need to build the highrise.
The San Jose highrise is expected to include a mix of offices, homes, and a restaurant or retail — which would be a development unique to the South Bay because these components would all be contained within a single tower.
The tower would total 21 stories and would include several floors of offices and several floors of residences, according to San Jose-based Acquity Realty, the project’s developer.
“We have raised all of the capital we need for the project,” said Dennis Randall, a principal executive with Acquity Realty. “We have our entire financing stack in place.”
The tower, dubbed The Carlysle, is slated to be built at 51 Notre Dame Ave. at the corner of Carysle Street.
The highrise is located in an opportunity zone where property investments can be undertaken with significant tax advantages.
The Carlysle project also has all of the necessary permits, including development, building, and demolition permits, that are needed for the tower to proceed.
“We should be well under construction by the end of this year,” Randall said.
