1495 Winchester is located in the heart of the recently adopted South Winchester Urban Village in the city of San Jose. The large corner parcel is currently utilized to operate a commercial business, but due to the newly adopted village plan, is zoned for up to 95 units per acre. The site is located just Northeast of downtown Campbell and 1.5 miles South of Santana Row. A 70000sqt project which is a 4-STORY MIXED USE BUILDING (46 RESIDENTIAL UNITS)- (1.5 Basement + 1 Floor Retail & Parking + 3 Floors Residential )with a 32939 SQ.FT- RESIDENTIAL , 3054 SQ.FT CORRIDOR, 1773 SQ.FT AMENITIES, 4575 SQ.FT RETAIL AND 29495 SQ.FT GARAGE.
The ground floor retail space will benefit from a large pocket of high density housing directly surrounding the property’s location. Furthermore, rental rates and occupancy are incredibly strong in the submarket due to its central South Bay location and access to top tier schools. The city of San Jose is promoting development along this stretch of the Winchester Blvd. Arterial, which we expect to bring long term value appreciation to the immediate area. As milestone, we have received full Building Permit Plans Approval from the City! We are now required to pay the City permit fees, bonds, Park in-lieu fees to get the Building Permit issued & break the grounds for construction. Site is already demolished and we are working on getting lenders secured for construction financing. Also, we expect to raise $1M of preferred equity to fund the balance soft costs.
The Preferred Equity Investors will receive their principal and accrued interest upon completion of Phase 2 (refinance of full rented out property). Yet, they will continue to earn income from cash flow from the property and profits from the eventual sale.
Here is a video explaining how our preferred equity offering works: