SAN JOSE — A housing highrise perched along one of the gateways for downtown San Jose has soared to a new milestone with a topping-off event on Tuesday for the tower, a building that is poised to help spur economic activity in the city’s urban core.
The Fay, a residential tower at the corner of South First Street and East Reed Street, which soars over the adjacent Interstate 280, is expected to attract several hundred residents to downtown San Jose.
“This kind of construction has a transformative impact on neighborhoods,” San Jose Mayor Matt Mahan said during the topping-off ceremony. “This is providing homes, which we desperately need in our community. There is going to be more foot traffic for our small businesses here on South First Street. This is going to be a great thing for our downtown.”
The Fay is located in San Jose’s SoFA district, a bustling neighborhood of restaurants, bars, clubs, night spots, art centers, entertainment sites and live performance venues.
“This project brings jobs, but most importantly it is going to revitalize downtown San Jose, it is going to revitalize South First Street,” San Jose City Councilmember Omar Torres, whose district includes the city’s downtown. “This project is going to make downtown an even better place to live.”
Before the topping-off event, hundreds of construction workers who are building the tower tucked into a barbecue meal with an array of side dishes.
The Fay is a 23-story tower that will include 336 residential units, according to David Hunt, chief development officer with Morro, a London-based real estate firm with U.S. offices located in Boston.
Suffolk Construction is the general contractor for the tower, which was designed by C2K Architecture.
With a height of 340 feet, The Fay is expected to offer its residents dramatic views of San Jose and the South Bay from all four sides of the structure.
“We will be opening around this time next year and completing construction by the end of this year,” Curtis Wood, vice president of construction USA for Morro, said during the topping-off event.
The Fay is one of the few major construction projects underway in or near downtown San Jose at present.
Originally, the developer had eyed co-living or student housing for the project. However, before construction began, Morro decided that the project would be a conventional multifamily residential development.
“These will be market-rate apartments,” said David Hunt, Morro’s chief development officer.