Downtown Residential Incentive Program Tax and Fee Waiver for the Gateway Tower and Bank of Italy Developments Located at 470 South Market Street and 12 South First Street.
HousingCity CouncilAgenda ReadyIntroduced 10 Mar 2026
4Documents on file
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The memorandum addresses a public hearing for the Downtown Residential Incentive Program Tax and Fee Waiver related to the Gateway Tower and Bank of Italy developments. It recommends approval of a tax and fee waiver totaling up to $6,092,122, which includes reductions in construction taxes, parkland fees, and Inclusionary Housing Ordinance fees. The Gateway Tower is a 100% affordable housing project with 220 units, while the Bank of Italy is an adaptive reuse project converting an office building into 109 residential units. Both projects are expected to start construction in 2026 and have specific compliance requirements for parkland dedication and fee payments.
Key points
Public hearing for tax and fee waiver related to Gateway Tower and Bank of Italy developments.
Total tax and fee waiver recommended is up to $6,092,122.
Gateway Tower will have 220 units, 100% affordable housing.
Bank of Italy will convert an office building into 109 residential units.
Construction for both projects expected to start in 2026.
Limitations
The text includes placeholders and unresolved references, such as specific dates and figures that are truncated or incomplete.
Details about the specific amounts of tax and fee waivers for each project are not fully provided.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 34,689 chars
COUNCIL AGENDA: FILE: ITEM: TO: HONORABLE MAYOR AND CITY COUNCIL SUBJECT: See Below Approved 3/24/26 26-282 8.2 FROM: Erik L. Soliván Chris Burton John Ristow Jon Cicirelli DATE: February 19, 2026 Date: 2/23/26 COUNCIL DISTRICT: 3 SUBJECT: Downtown Residential Incentive Program Tax and Fee Waiver for the Gateway Tower and Bank of Italy Developments Located at 470 South Market Street and 12 South First Street RECOMMENDATION (a) Conduct a public hearing to approve an economic development tax and fee waiver in connection with a reduction in construction taxes, parkland fees, and of the Inclusionary Housing Ordinance fees through the Downtown Residential Incentive Program in an amount of up to $6,092,122 pursuant to California Government Code Section 53083 and Open Government Resolution No. RES2024-99 Section 2.3.2.6.C for: (1) (2) (b) Gateway Tower located at 470 South Market Street; and Bank of Italy located at 12 South First Street. Adopt a resolution approving the tax and fee waiver and authorizing the Housing Director, or his designee, to negotiate and execute documents and document amendments related to implementing the Downtown Residential Incentive Program, such as...
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The source text indicates this attachment appears to be a draft document.
The City Council of San José is considering a resolution to approve tax and fee waivers for the Gateway Tower and Bank of Italy developments under the Downtown Residential Incentive Program. The resolution authorizes the Housing Director to negotiate and execute necessary documents related to the program. The total estimated tax and fee waivers for both projects are approximately $6,092,122. The Gateway Tower is a mixed-income affordable housing project, while the Bank of Italy project involves the adaptive reuse of a historic building into residential units. Both projects qualify for various incentives aimed at increasing housing supply in Downtown San José.
Key points
Resolution No. _________ is proposed for the City Council of San José.
The resolution approves tax and fee waivers for the Gateway Tower and Bank of Italy developments.
The total estimated tax and fee waivers are approximately $6,092,122.
The Gateway Tower project consists of a 15-story building with up to 220 residential units.
The Bank of Italy project will convert a historic office tower into approximately 109 residential units.
Both projects qualify for incentives under the Downtown Residential Incentive Program.
The Housing Director is authorized to negotiate and execute documents related to the program.
Limitations
The resolution appears to be a draft.
The exact date of adoption is not specified.
The vote details (AYES, NOES, ABSENT, DISQUALIFIED) are not filled in.
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Extracted text preview · 7,371 chars
SAW:CPA:MMV 3-09-2026 RESOLUTION NO. _________ ADOPT A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JOSE APPROVING THE TAX AND FEE WAIVER AND AUTHORIZING THE HOUSING DIRECTOR, OR THEIR DESIGNEE, TO NEGOTIATE AND EXECUTE DOCUMENTS AND DOCUMENT AMENDMENTS RELATED TO IMPLEMENTING THE DOWNTOWN RESIDENTIAL INCENTIVE PROGRAM, SUCH AS CONSTRUCTION PROGRESS AGREEMENTS WHEREAS, the City of San José (“City”) City Council desires to adopt this Resolution for the reasons set forth in the memorandum dated February 26, 2026 from the Director of Housing and other City departments for the March 24, 2026 City Council meeting (“Memorandum”); and WHEREAS, the Downtown Residential Incentive Program (“Incentive Program”) was originally adopted by the City Council in 2007 and has been amended several times to support the City’s longstanding goal of increasing the residential population in Downtown San José and strengthening the City’s urban core; and WHEREAS, most recently on January 27, 2026, the City Council amended and restated the Incentive Program under Resolution No. RES2026-20 reducing the Inclusionary Housing Ordinance (“IHO”) In-Lieu Fee to $0 for qualifying conversion projects to...
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Generated summaryAI-assisted
This document outlines the Downtown Residential Incentive Program tax and fee waivers for the Gateway Tower and Bank of Italy developments, presented to the City Council on March 24, 2026. It discusses the feasibility of housing development, the incentives provided for new construction and conversions, and specific details about the Gateway Tower and Bank of Italy projects, including their construction timelines and proposed fee waivers.
Key points
The Downtown Residential Incentive Program was originally approved in 2007 and amended on January 27, 2026.
Gateway Tower is a 100% affordable mixed-income residential community with 220 units and ground floor commercial space, expected to start construction in May 2026.
The proposed tax and fee waivers for Gateway Tower include a total fee waiver of up to $2,409,000.
The Bank of Italy project involves the adaptive reuse of a historic building, with construction starting in April 2026.
The proposed tax and fee waivers for the Bank of Italy include a total fee waiver of $3,683,122.
Limitations
The document does not provide specific dates for the construction start of the Gateway Tower beyond May 2026.
There are unresolved placeholders in the fee waiver sections for both projects, indicated as N/A.
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Extracted text preview · 4,510 chars
HOUSING DEPARTMENT DOWNTOWN RESIDENTIAL INCENTIVE PROGRAM TAX AND FEE WAIVER FOR THE GATEWAY TOWER AND BANK OF ITALY DEVELOPMENTS March 24, 2026 City Council Item 8.2 Erik L. Soliván Housing Director Banu San Deputy Director, Housing Department Housing Development Feasibility • In December 2025, the City released a Cost of Residential Development Study evaluating housing development feasibility under current market conditions. • Higher-density rental housing generally not financially viable today due to elevated construction costs, high interest rates, and insufficient rents to cover development costs. • San José's targeted incentives, including the Downtown Residential Incentive Program, which covers both new construction and commercial-to-residential conversion, offer an efficient mechanism for closing the financial feasibility gap. • City Council originally approved the Downtown Residential Incentive Program in 2007, with the most recent amendment on January 27, 2026. Slide 2 Downtown Residential Incentive Program New Construction (Phase I: First 7,000 Units): • IHO in-lieu fee reduced to $0 for eligible residential high-rise developments located in the Downtown Planned...
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Generated summaryAI-assisted
The document is an email addressed to the Mayor and City Council regarding the approval of construction schedules for two housing projects that will provide a total of 992 units, including affordable housing. The Gateway Tower will have 220 affordable units, while the El Paseo Mixed Use Project will consist of 772 units with 5% designated as affordable. Construction is anticipated to begin in Spring 2026.
Key points
Email sent to Mayor and City Council regarding housing projects.
Approval needed to keep construction schedules on track.
Total of 992 units of new housing planned.
Gateway Tower: 15 stories, 220 units (100% affordable).
El Paseo Mixed Use Project: 12 stories (398 units) and 10 stories (374 units), with 5% affordable units.
Construction anticipated to proceed in Spring 2026.
Limitations
The text appears to be an email and may not represent a formal document.
There are unresolved placeholders and formatting issues present in the text.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 1,401 chars
3/23/26, 4:50 PM Inbox - Agendadesk - Outlook <Vikita.Sharda@sanjoseca.gov>; Fabro, Alex <Alex.Fabro@sanjoseca.gov>; Shirley Feliciano <Shirley.Feliciano@sanjoseca.gov>; Escorcia, Gema <Gema.Escorcia@sanjoseca.gov> Subject: FEBRUARY 24th AGENDA: Items 8.2 & 8.3 - 992 Units of Housing (Gateway Tower & El Paseo) [External Email. Do not open links or attachments from untrusted sources. Learn more] Good afternoon, Mayor and City Council: With your approval on Tuesday, we can keep the construction schedules on track to build 992 units of new housing, including affordable units (220 units in Gateway Tower in Downtown and 772 units in the El Paseo Mixed Use Project in D 1) With these incentives, construction for both projects is anticipated to proceed in Spring 2026. Please see project summaries below. Please email or call if you have any questions. Thanks much, ERIK ******** The Core Companies Gateway Tower 15 stories 220 units (100% affordable) with 3,320 square feet of ground floor retail and historic facade preservation and commemoration: Sand Hill Properties: El Paseo Mixed Use Project - Building 1 is 12 stories and 398 units and Building 2 is 10 stories and 374 units. 5% of the...