Senior Housing: San Jose senior housing complex breaks ground

by Elizabeth Kim for San Jose Business Journal

Groundbreaking is taking place Wednesday on a 185-unit senior complex in San Jose, the developers said.

The Core Companies, in partnership with EAH Housing and Hudson Housing Capital LLC, are creating Belovida at Newbury Park Senior Apartments.

“Belovida at Newbury Park is about vibrancy. It is about creating an urban living experience within an urban village for active seniors in our community. An added benefit to our community is that it will remain affordable for our future residents,” said Dixie Baus, director of Core Affordable Housing.

The development will also create hundreds of local jobs over the next year, the developers said.

“Nothing could be more important than providing jobs during a time when the unemployment rate in the Silicon Valley is over 11 percent and unemployment in the construction trades is even higher,” said Mary Murtagh, president and CEO of EAH Housing. “Belovida is also providing for the housing needs of our ever-increasing senior population when their economic futures are in jeopardy.”

The developers said Belovida at Newbury Park, which is expected to be completed in 2011, will have a total development cost in excess of $51 million.

[sanjose.bizjournals.com]

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