San Jose State Turning 264-Unit Hotel Into Student Housing
Plans call for 700 beds ready for the Fall 2024 semester.
A partnership between Throckmorton Partners and San Jose State University is converting the south tower of the Signia by Hilton San Jose hotel into a 700-bed student community. Plans call for immediate renovations, with delivery expected by August 2024.
Throckmorton Partners purchased the building for $73 million, according to The Registry. The university will lease the 264-unit building, with the option to purchase it after two years.
As part of the Higher Education Student Housing program, SJSU received access to $89 million in debt relief capacity. According to the university, some $40 million are expected to be spent on improvements, taxes and fees.
The redevelopment, currently known as Spartan Village on the Paseo, will include 11 residential stories, together with ground-floor retail. A total of 124 beds will be designated as affordable. Community amenities—which will be located on the second floor—are set to include dining facilities, communal kitchen, study lounge and study space, as well as a games room and a fitness center.
Located at 170 S. Market St. in downtown, the 14-story building is half a mile from the university’s main campus. A host of dining options are within walking distance, while Grand Century Shopping Mall, San Jose Vietnam Town and a Walmart Supercenter are roughly 2.5 miles away. San Jose Mineta International Airport is 3.7 miles northwest.
SJSU grows bed inventory
SJSU is working on Campus Village 3, a development that will add 1,007 beds to its inventory and a 900-person dining hall. The two-phase construction is expected to begin next year, with completion slated for the summer of 2027.
The Core Cos. is awaiting city approvals for a 569-unit, 1,651-bed student community that will rise 1.3 miles from the university, Yardi Matrix data shows. The project is set to include 135 affordable units. A student community by Urban Catalyst, which would add 644 beds upon delivery, is also in the planning stages.
According to a Multi-Housing News white paper based on Yardi Matrix information, some 41,000 beds are expected to be delivered between 2023 and 2027 across the U.S. Currently, there are almost 20 student communities planned or under construction in California, adding up to nearly 14,00 bedrooms, the same data provider shows.