Construction financing is now officially in place for the long-planned affordable housing development at 797 South Almaden Avenue in San Jose’s Guadalupe-Washington neighborhood—unlocking the next phase of progress for a site that has remained vacant for years. The project, led by RCD Housing, will transform the underutilized corner parcel into nearly 100 new homes with ground-floor community-serving space.
According to newly released public documents, the financing package pulls together a mix of public and private sources, demonstrating the scale of investment required to build deeply affordable housing in high-cost markets like Silicon Valley. Funding partners include JPMorgan Chase Bank, the California Department of Housing & Community Development, the National Housing Trust Fund Program, and Santa Clara County. JP Morgan is contributing $53.3 million, while Santa Clara County is providing $28.9 million. Overall construction expenses are projected to approach $100 million.
Once complete, the six-story podium-style development will offer 99 total units, supported by roughly 2,300 square feet of community-serving retail at street level. The residential mix is planned to meet a wide range of family needs, including 26 studios, 28 one-bedrooms, 25 two-bedrooms, and 20 three-bedrooms. Of those homes, 98 will be deed-restricted for residents earning 30% to 60% of area median income, while one market-rate unit will be reserved for an on-site property manager.
Parking accommodations will support 92 vehicles and 127 bicycles, aligning with city goals to improve multimodal access. Renderings by Leddy Maytum Stacy Architects show an articulated façade featuring textured metal shadow fins, brick veneer at the ground floor, and a stepped massing approach intended to complement the neighborhood’s evolving architectural character.
The long-vacant site sits at the intersection of South Almaden Avenue and West Virginia Street, placing future residents within walking distance of Downtown San Jose and transit connections. The project is expected to strengthen broader revitalization efforts underway in the Guadalupe-Washington area, long identified as a priority for equitable housing investments.
If the construction timeline holds, the development could welcome its first residents as early as August 2028, adding urgently needed affordable housing stock to one of the nation’s most constrained housing markets.
Originally reported by Andrew Nelson in SF Yimby.
