San Jose State University now officially owns student housing tower

SAN JOSE An affordable aspirant housing tower that was converted from a hotel high-rise is now officially owned by San Jose State University with the completion of an million deal for the prominent property Spartan Village on the Paseo located at South Territory St in downtown San Jose was sold by an affiliate of Throckmorton Partners Throckmorton bought the -room hotel tower for million in The Spartan Village property was the southern tower of the Signia by Hilton San Jose hotel which continues to operate next door as a -room lodging hub Skybridge lounge inside Spartan Village on the Paseo Dai Sugano Bay Area News Group After its purchase Throckmorton redeveloped the hotel and transformed it into a residential hub for SJSU students The scholar housing opened as Spartan Village on the Paseo in August A grant deed that transferred the candidate housing tower to the California State University system was recorded on Dec in Santa Clara formally completing the property purchase Downtown San Jose skyline as seen from a room at Spartan Village on the Paseo Dai Sugano Bay Area News Group San Jose State s purchase of the Spartan Village on the Paseo from Throckmorton Partners is the culmination of a landmark collaboration that has elevated our campus SJSU President Cynthia Teniente-Matson stated SJSU agents touted a cooperative effort between the university and Throckmorton to revamp and convert the tower into apprentice housing The Throckmorton organization were excellent partners to SJSU in the creation of this much-needed affordable housing for our students Teniente-Matson reported We have much gratitude to Throckmorton for their partnership Mill Valley-based Throckmorton Partners leased the tower to San Jose State University and agreed at that time to give SJSU the option to buy and own the aspirant housing hub The university accomplished the property purchase with million in funding through the state Higher Development Candidate Housing Grant Campaign The -story apprentice housing tower can accommodate trainee beds with a maximum maximum of candidate beds according to materials prepared for a May meeting of the California State University system s finance committee The finalized transaction is good business for San Jose State disclosed Bob Staedler principal executive with Silicon Valley Synergy a land-use consultancy The conversion of an existing hotel enabled SJSU to bring more scholar housing into San Jose at a swifter pace than a ground-up enhancement of a similar hypothetical residential tower in the same area in Staedler s view The total project budget for the university s purchase of the housing tower was about million a statement prepared for the meeting states This includes the debt needed to pay off bonds required to help finance the project the overview states One eye-catching feature of the novice housing complex is a sky bridge lounge that has become a gathering area for residents who can socialize and analysis while they take in views of downtown San Jose and the Paseo beneath the bridge The bridge connects directly to the second floor which has become a crucial part of the revamp and renovation of the property The second floor has numerous dining options for students according to SJSU authorities By transforming a former hotel into vibrant secure and affordable housing we have invested in our group and ensured that Spartans have access to the guidance and circumstances they need to thrive Teniente-Matson noted The Spartan Village learner housing tower also represents a key strengthening of the bonds between San Jose State and the downtown in Staedler s view SJSU is the heart of the downtown and the city necessities to fully backing the university Staedler stated