SAN JOSE — An inexpensive scholar housing tower that was transformed from a resort high-rise is now formally owned by San Jose State College with the completion of an $89.1 million deal for the outstanding property.
Spartan Village on the Paseo, positioned at 184 South Market St. in downtown San Jose, was offered by an affiliate of Throckmorton Companions. Throckmorton purchased the 264-room resort tower for $73.1 million in 2023. The Spartan Village property was the southern tower of the Signia by Hilton San Jose resort, which continues to function subsequent door as a 541-room lodging hub.
Skybridge lounge inside Spartan Village on the Paseo. (Dai Sugano/Bay Space Information Group)
After its buy, Throckmorton redeveloped the resort and reworked it right into a residential hub for SJSU college students. The coed housing opened as Spartan Village on the Paseo in August 2024.
A grant deed that transferred the coed housing tower to the California State College system was recorded on Dec. 1 in Santa Clara, formally finishing the property buy.
Downtown San Jose skyline as seen from a room at Spartan Village on the Paseo. (Dai Sugano/Bay Space Information 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 officers touted a cooperative effort between the college and Throckmorton to revamp and convert the tower into scholar housing.
“The Throckmorton team were excellent partners to SJSU in the creation of this much-needed affordable housing for our students,” Teniente-Matson stated. “We have much gratitude to Throckmorton for their partnership.”
Mill Valley-based Throckmorton Companions leased the tower to San Jose State College and agreed at the moment to offer SJSU the choice to purchase and personal the coed housing hub.
The college achieved the property buy with $89.1 million in funding by way of the state Increased Schooling Pupil Housing Grant Program.
The 13-story scholar housing tower can accommodate 679 scholar beds with a most capability of 811 scholar beds, in response to supplies ready for a Might 2025 assembly of the California State College system’s finance committee.
“The finalized transaction is good business for San Jose State,” stated Bob Staedler, principal govt with Silicon Valley Synergy, a land-use consultancy.
The conversion of an present resort enabled SJSU to convey extra scholar housing into San Jose at a swifter tempo than a ground-up growth of the same hypothetical residential tower in the identical space, in Staedler’s view.
The overall venture finances for the college’s buy of the housing tower was about $168.1 million, a report ready for the assembly states. This consists of the debt wanted to repay bonds required to assist finance the venture, the report states.
One eye-catching function of the coed housing advanced is a sky bridge lounge that has develop into a gathering space for residents who can socialize and examine whereas they soak up views of downtown San Jose and the Paseo beneath the bridge.
The bridge connects on to the second ground, which has develop into a vital a part of the revamp and renovation of the property.
The second ground has quite a few eating choices for college kids, in response to SJSU officers.
“By transforming a former hotel into vibrant, secure, and affordable housing, we have invested in our community and ensured that Spartans have access to the resources and environment they need to thrive,” Teniente-Matson stated.
The Spartan Village scholar housing tower additionally 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 needs to fully support the university,” Staedler stated.
