Gateway Tower Affordable Apartments Finance in San Jose
The 15-story building will add 220 units to the downtown area for low-to-moderate income households.
Updated on Oct. 15, 2026 in Commercial
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Developers have secured financing for the 15-story Gateway Tower in downtown San Jose, a project bringing 220 new apartments to the area. Construction is set to begin in October 2026, with 218 of the total units designated as affordable housing for the local workforce.
Why it matters
This project aims to address housing needs in the downtown area by providing rent-restricted options for individuals and families. The initiative specifically targets residents earning between 30% and 70% of the Santa Clara County area median income.
The tower will house 218 affordable units alongside two market-rate residences, backed by $197.8 million in total development financing. Units are restricted to those within 30% to 70% of the Santa Clara County median income, which stands at $143,850 for a single person.
The players
The Core Cos.
A developer involved in urban residential projects and affordable housing initiatives.
Affordable Housing CDC
An organization focused on the development and management of community-based affordable housing.
JPMorgan Chase
A financial services firm providing capital for major real estate and development projects.
San Jose Jazz Co.
A local cultural institution expected to utilize commercial space in the new development.
The details
The Core Cos. and Affordable Housing CDC formed a joint venture to develop the 15-story high-rise located between South Market Street, West William Street, and South First Street. The project secured development loans from a coalition including JPMorgan Chase, the City of San Jose, Santa Clara County, and the State of California. Plans also include 3,300 square feet of ground-floor commercial space expected to be occupied by the San Jose Jazz Co.
Timeline
October 2026: Construction work is scheduled to begin.
2029: Potential completion date for the Gateway Tower.
The Home Front
This project follows the ongoing downtown workforce housing development trend in Santa Clara County, marking a significant expansion of residential capacity in the city center. It builds on the momentum of recent high-rise completions in the region designed to stabilize housing costs for downtown employees.
Residents should monitor local housing authority announcements to understand eligibility requirements if they are interested in future occupancy. Keep track of construction updates, as the project's site borders major downtown corridors that may experience transit impacts during the building phase.
The takeaway
The development marks a major addition to the downtown housing inventory with a focus on workforce affordability. Interested renters should keep an eye on upcoming project milestones, such as completion dates, to see when the units will become available.
Further reading
For more on large-scale property developments in the region, see Commercial.
Source note: This article includes information reported by San Jose Mercury News.
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