SAN JOSE, Calif., Sept. 12, 2019 /PRNewswire/ -- Urban Catalyst, a multi-asset opportunity zone fund based in San Jose, announced a new partnership with Local Color to activate its recently acquired property on West San Carlos Street near the Diridon Station. The Keystone property will eventually become a new, select service, 170-room business hotel, which will offer high-level services and amenities, as well as onsite parking.
Local Color, formerly the Exhibition District, is a woman-owned and operated 501 (c)(3) nonprofit focused on "building economic opportunities for creatives at the intersection of art and community development." It aims to strengthen the local economy by keeping artists engaged, employed and active. Part of Urban Catalyst's impact strategy is offering up vacant spaces to local nonprofits during the pre-construction period. Dubbed Local Color Keystone, the Keystone site will include approximately 10,000 square feet of free artist space for Local Color while Urban Catalyst pursues construction permits for its planned hotel project. The partnership will include free rent to Local Color, allowing it to expand its footprint and offer much-needed space to emerging artists in downtown San Jose.
"We are so thankful for the opportunity to expand and launch this program next to San Jose's transit hub - working with landlords like Urban Catalyst is a key part of our business model, activating our built environment and providing workspace for our artists," said Local Color Executive Director Erin Salazar.
With five acquisitions in the downtown San Jose opportunity zone and a team of skilled, local professionals, Urban Catalyst is rapidly advancing its holistic strategy to turn opportunity into impact while remaining focused on being a positive catalyst in the community.
"We are so excited to be partnering with Local Color on this project, and we hope it will establish a broader artist presence in the Diridon Station area for our local entrepreneurs. Erin and her team are phenomenal to work with and such an asset to our city," said Urban Catalyst Partner Josh Burroughs.
For more information on Local Color, visit https://www.localcolorsj.org/.
About Urban Catalyst
Based in San Jose, Urban Catalyst is the first multi-asset opportunity zone fund in the Bay Area focusing on downtown San Jose. Employing a world-class team of experienced local professionals to build out impact investment opportunities -- multi-family, office, hospitality and mixed use projects -- Urban Catalyst is focused on advancing and improving the community while earning investors advantageous financial returns. Learn more at https://www.urbancatalyst.com/.