Home News Downtown San Jose housing tower waiting list: in the thousands

Downtown San Jose housing tower waiting list: in the thousands

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San Jose—Three residential towers in downtown San Jose have reached an important milestone in development, accumulating a waiting list of thousands of prospective tenants.

Skyscrapers are planned at the sites of 420 S. Second St., 98 E. San Salvador St., and 420 S. Third St. in the epidemic SoFA district.

In the latest round of financing for this project, real estate technology firm Nabr will be led by 2150, a venture capital firm that invests in start-ups aimed at making the city more environmentally friendly and livable. Raised $ 48 million. Nabr uses software to automate the way people choose and design homes and create loan packages.

Roni Bahar, Nabr’s CEO and co-founder, said: “In the next phase, we will begin interacting with and trading with our customers and residents.”

Balcony area in one of the three Downtown San Jose residential towers at 420 S. Second St., 98 E. San Salvador St., and 420 S. Third St. (Bjarke Ingels, Nable)

The three skyscrapers are expected to produce about 500 units when built, according to Nable, who leads the development and delivery of homes.

“We have created a waiting list of potential residents,” said Cara Eckholm, Head of Growth at Nabr. “There are about 4,000 people on that waiting list.”

According to Nabr, about 45% of people on the waiting list currently live in single-family homes.

“There is an untapped demand for living in downtown San Jose,” Bahar said. “We want more people to become permanent residents in our big cities, especially in our city center.”

Of the three towers that will be available to customers, the first tower will contain 140 units. Initially, Nabr intends to sell the unit, not rent it.

One street-level view of three downtown San Jose residential towers at 420 S. Third St., 96 E. San Salvador St., and 418 S. Second St.  (Bjarke Ingels, Nable)
One street-level view of three downtown San Jose residential towers at 420 S. Third St., 98 E. San Salvador St., and 420 S. Second St. (Bjarke Ingels, Nable)

“We are building an apartment for ownership, but this is rarely done in downtown,” Bahar said. “We are approaching the first building as a very high quality project. These will be the unit of market price.”

Affordable homes are not included. Instead, the unit is aimed at middle-income and high-income people.

“Construction in San Jose is very expensive,” Bahar said. “We aim to fill in the middle of the gap, but the first product doesn’t have a government-defined affordable home.”

Customers who do not have enough money to pay the down payment can negotiate a transaction using the option to buy a unit.

“We make the process transparent and very clear to our customers,” Bahar said. “The idea is to make the process of buying a home very enjoyable for consumers.”

Real estate companies take pride in being a consumer-oriented housing company that offers a large number of custom and sustainable apartments.

“Nabr treats homes like true consumer goods,” the company said. “Our goal is to lead more people to own high quality, eco-friendly homes in the city.”

Living room in one of three residential towers in downtown San Jose at 418 S. Second St., 96 E. San Salvador St., 420 S. Third St.  (Bjarke Ingels, Nable)
Living room in one of three residential towers in downtown San Jose at 420 S. Second St., 98 E. San Salvador St., and 420 S. Third St. (Bjarke Ingels, Nable)

“In conversations with consumers, we’re trying to take advantage of people aged 27-40 who are starting to build a family, and the first homebuyers looking for a range of $ 1 to $ 2 million,” Eckholm said. I am.

Nabr also seeks to raise funds to finance the construction of the first tower.

Nabr’s co-founder is Bjarke Ingels, the founder and CEO of the legendary building company Bjarke Ingels Group. Former WeWork executive Bahar. And Nick Chim, co-founder of Flux, a spin-out of the top secret Google X lab.

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