One of the world’s biggest co-living complexes to open in San Jose

Startup Starcity proposed 800 bedroom-only units for its megaproject

Nov.November 17, 2018 03:00 PM
(Credit: iStock)

The unconventional co-living industry will make its biggest bet yet in San Jose – one of California’s least affordable cities – with a plan that calls for almost 800 bedroom-only units.

This month, the startup company Starcity – best known for transforming hotels, retail buildings and parking garages into dorm-style complexes – announced what it claims is the largest co-living project of its kind, Business Insider reported.

Co-living has been put forward as a potential solution to the affordability crisis that plagues cities throughout the state. Starcity’s project allows residents to rent their own rooms, but share common spaces like kitchens, living rooms and sometimes bathrooms with other tenants.

Leases are designed in three-, six- and 12-month terms, and come with utilities, home cleaning, laundry service and other amenities. The project in downtown San Jose is expected to open in 2021, with rents ranging from $800 to $2,500 per unit.

Real estate players are increasingly developing or investing in the concept of co-living throughout the country.

In September, Starcity partnered with developer Worthe Real Estate Group to launch its first co-living project in L.A. at 29 Navy Street in Venice. Memberships at the Venice location range from $2,200 to $3,100 per month. [BI] – Gregory Cornfield

Related Article

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

LA Mayor Eric Garcetti

Down goes Measure EE: Property tax referendum routed at polls

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus

Arman Gabay and The Springs shopping center in Palm Springs, part of the 14-property portfolio

Charles Co. secures $215M refi for retail portfolio

Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

Joon Choi, principal at Harbor Associates, and 2400 Conejo Spectrum Street (Credit: Google Maps)

Harbor Associates leases up then sells off its Thousand Oaks office park