Msasa Properties wants to build 118 apartments with affordable units near San Jose’s Japantown.
The locally based developer led by tech executive Mostafa Aghamiri, has updated plans to build a seven-story complex at 380 North First Street, in Hensley, the San Jose Mercury News reported.
It would replace a two-story Mid-century office building and parking lot north of Downtown.
An affiliate managed by Aghamiri bought the property in July last year for $5.3 million. The developer filed the project last fall, and just unveiled a rendering to include affordable units.
Plans call for 118 apartments on a half-acre north of Basset Street between North First and North Second streets. Eighteen of the apartments would be affordable to very-low-income, low-income and moderate-income households, according to a city notice about an environmental study.
The project, designed by Oakland-based Studio T-Square, features a charcoal and white complex with balconies, according to a rendering, bookended by a brown brick sections.
The site is located in an opportunity zone, which offers tax advantages to developers.
“This site is perfectly located in the middle of an urban residential neighborhood,” Erik Schoennauer, a land-use consultant for the owner and developer, told the Mercury News, adding it was within walking distance of light rail, Ryland Park, San Pedro Square and Japantown.
— Dana Bartholomew
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