Downtown San Jose tower project pushes ahead after property purchase

 A downtown San Jose tower project has cleared a key hurdle with the purchase of the site where the highrise would sprout.

A group led by project developer Acquity Realty has bought the downtown San Jose property where it intends to build a 21-story tower called The Carlysle.

The Carlysle is slated 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 highrise.

Acquity Realty, acting through affiliate Carlysle San Jose QOZB, paid $20 million for the property, located at 51 Notre Dame Ave. next to Carysle Street in San Jose, according to documents filed on June 25 at the Santa Clara County Recorder’s Office.

To finance the property purchase, the Acquity Realty affiliate also obtained a $10 million loan from Santa Cruz County Bank, the public documents show.

“We have raised all of the capital we need for the project,” Dennis Randall, a principal executive with Acquity Realty, said in a prior interview with this news organization. “We have our entire financing stack in place.”

The tower would consist of 290 apartments and 158,000 square feet of office space.

The Carlysle would include 12 floors of residential, five floors of offices, and four floors of parking as well as the ground-floor office and retail or restaurant spaces.

The project site is located in an opportunity zone where property investments can be undertaken with significant tax advantages.

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