Pacific Motor Inn site at 455 South 2nd Street in downtown San Jose, December 2023….Image captured on 12-22-23, San Jose, California….(George Avalos/Bay Area News Group)
SAN JOSE — A motel in downtown San Jose has been purchased by a real estate partnership that plans to convert it into a complex to house homeless people.
PATH Ventures, a nonprofit organization. We partnered with Westbank, a major global real estate development company, to acquire the Pacific Motor Inn in downtown San Jose.
The partnership, which operates as PMI Partners, paid $18 million for the Pacific Motor Inn property at 455 South Second Street in San Jose’s SoFA neighborhood, according to documents filed Dec. 22 with the Santa Clara County Recorder’s Office. paid.
A San Jose staff memo written in February 2023 states that “for the foreseeable future, the existing hotel will be operated as transitional housing for persons experiencing homelessness.”
Eventually, Westbank could develop a 470-unit residential tower on the site. The high-rise building will consist of 350 market-rate units and 120 affordable units.
According to county real estate documents filed Dec. 22, the city of San Jose provided the buyer with a $22.3 million loan at the same time as purchasing the property.
The motel is being converted into homeless housing through the HomeKey program, a project created to create housing opportunities for unhoused people.