Shea Properties and Ivanhoé Cambridge Break Ground on Ascent in San Jose, Calif.
- Dec 09, 2013
San Jose, Calif.—Construction is now underway on Shea Properties’ and Ivanhoé Cambridge’s 650-unit Ascent luxury apartment community in south San Jose, Calif.
The community will focus heavily on outdoor entertainment and amenities, with added attention to high-end finishes in both community areas and residences.
“Ascent brings a new level of resort-style living to San Jose,” says Greg Anderson, senior vice president of multifamily acquisitions and development for Shea Properties. “The area is extremely competitive, as there are so many large employers. In order for us to attract renters to our community, we need to offer something more compelling.”
The community will be located at 5805 Charlotte Drive in San Jose, offering convenient access to the 101 and 85 freeways, which provide key transportation routes to major Silicon Valley tech employers, such as Google, Apple and Oracle. The community looks to capture the attention of Silicon Valley professionals with its long list of amenities and luxurious residences.
“We’re very proud to bring Ascent to life in a market we strongly believe in and in which we have invested significantly over the past two years,” says Sylvain Fortier, executive vice president, residential, hotels and real estate investment funds, at Ivanhoé Cambridge. “It allows us to diversify our rental offering in Silicon Valley. Like Shea Properties, our well-established expert partner in high-end real estate in the U.S., we believe Ascent will redefine luxury living in the region.”
Ascent will include a resort-style, saltwater pool and spa, courtyard kitchens with professional-grade appliances, barbecue stations, an authentic pizza oven, a comprehensive fitness center, yoga courtyard and about a half-acre sized park. Residences, which will be offered in one-, two- and three-bedroom floor plans, will range in size from 700 to 1,400 square feet and will include quartz countertops, deluxe stainless steel appliances and premier flooring, cabinetry and other fine finishes.
The community will also be in close proximity to major retailers such as Target and Safeway, and will be walking distance to the Cottle Light Rail Station.
Construction of the more than $200 million project is expected to be completed by spring 2015.