"SAN JOSE An affordable housing tower that would produce hundreds of units in downtown San Jose is set to break ground in early 2026 now that the project has landed all the financing that's needed for construction. The 220-unit project is located at 470 South Market St. in the city's SoFA district, according to The Core Cos., a Bay Area real estate firm that is leading its development."
"All 220 of the apartments will be set aside for households whose annual median incomes are 30% to 70% of the area median income. In 2025, that metric was $195,200 for a household of four people, according to information posted by the state Housing and Community Development Department. This points to income limits ranging from $58,560 to $136,640 for households of four. The tower's developer hopes the project will provide housing for teachers, health care workers and service industry employees."
"The project will also develop a tenant preference program for a select number of units that will offer the right of refusal to local SoFA-based artists. An arts district is nothing without artists, which is why we're excited to work with The Core Cos. to bring a 100% affordable project to the SoFA district, San Jose Mayor Matt Mahan said"
Gateway Tower is a 15-story, 220-unit affordable housing development at 470 South Market Street in San Jose's SoFA district. Financing for construction has been secured and construction is planned to begin in the January–March 2026 quarter, led by The Core Cos. A joint venture of Build Group and Core Builders will serve as general contractor. All 220 apartments are reserved for households earning 30% to 70% of area median income, translating to income limits roughly $58,560 to $136,640 for a four-person household based on 2025 AMI figures. A tenant preference program will offer local SoFA artists a right of refusal, and the project targets teachers, health care workers, and service employees to help revitalize downtown San Jose.
Read at www.mercurynews.com
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