Symphony Development is targeting a June start date for construction on a student apartment project in Downtown San Jose after receiving all city approvals and lining up financing.
The Southern California developer will build 119 market-rate apartments targeting San Jose State University students. David Hilliard, Symphony’s CEO, declined to disclose his firm’s capital partner but called it a $40 million project.
The complex will rise a total of seven stories — five stories of apartments over two stories of garage — at 51 N. Sixth St., around the corner from City Hall and just behind the Art Deco Vintage Tower. The 1.09-acre site is currently a parking lot owned by First United Methodist Church, which just built a new church at the corner of North Fifth and East Santa Clara streets.
Downtown San Jose has seen strong interest lately from apartment builders. Until now, all proposals have been targeting upper-income professionals. This would be the first private project to target students in some time.
Symphony works in student housing, market-rate multifamily, mixed use and retail. One of its signature projects is West 27th Place, an upscale 161-unit, 150,0000-square-foot mixed-use student housing building next to the University of Southern California.
Santa Monica-based Van Tilburg, Banvard & Soderbergh are doing the design.