The intersection of East Santa Clara Street and Fourth Street has substantial activity on all four corners.

“We’re seeing a massive transformation of this important intersection for a variety of reasons including the ability to deliver true transit-oriented development to our community and its proximity to our civic center and San Jose State University,” said Josh Burroughs, partner at Urban Catalyst.

• Northwest:  Urban Catalyst opportunity zone fund acquired the Chevron station property at 147 E. Santa Clara St., intending to build a multi-story residential building of 250 units called The Icon.

Urban Catalyst paid $15.9 million for the 30,500-square-foot site, or $591 per square foot, using an $11 million loan from Acore Capital.  The planned building would include 7,500 square feet of retail space on the ground floor and above-ground parking that can transfer into more housing should future parking demand dwindle.

For this acquisition, Urban Catalyst is partnering with Vahe Tashjian, managing director of Dutchints Development, and coordinating with Urban Community founders Gary Dillabough and Jeff Arrillaga on the user experience for the vertical community.

Owner Manraj Natt will keep his station open under a lease until construction commences.  The gas station dates back to 1969.

Sixty feet away, and on the same day, MCM Diversified acquired the church site at 49 N. Fourth St.  Until June 30, it was home to the First Presbyterian congregation, which had been in San Jose for 170 years.

MCM Diversified, headed by Martin Menne, paid $4.4 million for the 31,400-square foot First Presbyterian site, or $190 per square foot.

• Northeast:  Bayview Development has erected two cranes busy building the twin Miro residential towers.
• Southeast:  On the City Hall plaza, the City Council agreed Aug. 13 to bring back the popular Sonic Runway art installation next June.  It will be built to last seven years or more.  The artwork by

Aug. 13 to bring back the popular Sonic Runway art installation next June.  It will be built to last seven years or more.  The artwork by Rob Jensen and Rob Trezevant first appeared as a quarter-mile long installation at Burning Man in 2016 and a 432-foot-long version of 25 arches lined the City Hall sidewalk from November 2017 to March 2018.  The lights on the arches are reactive at the speed of sound to audio pre-recorded or played live.  Local music groups will be invited to use Sonic Runway for “Experiments in Sound.”  

• Southwest:  Bayview Development has recently acquired the corner building housing 4th Street Pizza, and another building two doors down, with intention to improve the properties kitty-corner from their Miro project.