Two residential towers proposed for the former Greyhound bus site at 70 S. Almaden Ave. are on track to be built by 2020 so they qualify for the Downtown High-Rise Incentive Program.
The City Council approved permits and environmental
studies for the 708 units contained in 23- and 24-story towers proposed by KT Urban on May 23. The site will also include about 14,000 square feet of retail.
Project ground-breaking is planned for July 2018.
The incentive to developers amounts to a 50 percent reduction in parkland fees that run about $20,000 per unit. It originated in 2007 and was updated in 2012, 2014 and most recently in December 2016, applying to the first 2,550 units built or under way by July 2018.
Silvery Towers, north of San Pedro Square is the last downtown high-rise to start construction since 2015.