San Jose issues $33.1M permit for Gateway Tower on S 1st St
San Jose issued new-construction permit 2026-136846-MF for Gateway Tower at 477 S 1st St: 209,341 sq ft, $33.1M declared valuation, filer Core Companies.
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- Also reported by The San Jose Blog
San Jose issued a new-construction permit on Oct. 20 for Gateway Tower at 477 S 1st St in the SoFA district, with a declared valuation of $33.1 million and 209,341 square feet, according to the city’s permit data. The filer on the permit is Core Companies, and the owner of record is Gateway Tower SJ LP.
Why it matters
The permit follows a financing close reported in mid-October for what the San Jose Blog describes as a 15-story building of 220 apartments, 218 of them income-restricted and two set aside for on-site managers. That count comes from the outlet, not from the permit. The permit’s own dwelling-unit field reads 1, which cannot describe a 209,341-square-foot building, so we leave it out.
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The permit is listed as “Multiple Attached Dwellings, Apartment” under permit number 2026-136846-MF, parcel 26430090, with the project name “Gateway (BEPM 100%) New Construction.”
The numbers
- Permit 2026-136846-MF: new construction, 209,341 square feet, issued Oct. 20, 2026.
- Declared valuation: $33,113,559. The city’s data labels this the filer-declared project cost, not a sale price, loan or appraisal.
- Reported total development cost: $197.8 million, per the San Jose Blog, which attributes the figure to the state housing finance agency. The gap between that figure and the permit valuation is not explained in the permit record.
- Reported mix: studios and one-, two- and three-bedroom units, restricted to households at 30 to 70 percent of Santa Clara County median income, plus about 3,300 square feet of ground-floor commercial space.
What’s next
The blog reports early site work is due to start within days of the Oct. 14 loan closings, with completion possible in 2029. We have not seen a city document confirming the unit count or schedule, so both remain outlet-reported. More downtown activity is tracked on the San Francisco Bay Area market page.
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Quick answers
- What is the latest on Gateway Tower, 477 S 1st St?
- San Jose issued new-construction permit 2026-136846-MF for Gateway Tower at 477 S 1st St: 209,341 sq ft, $33.1M declared valuation, filer Core Companies.
- Who is developing Gateway Tower, 477 S 1st St?
- Core Companies, according to City of San Jose building permits.
- What are the key numbers for Gateway Tower, 477 S 1st St?
- declared permit valuation: $33.1M; square feet: 209,341; reported total cost: $197.8M.
On the record
San Jose permit 2026-136846-MF, new construction, 209,341 sq ft, declared valuation $33,113,559, owner Gateway Tower SJ LP, issued Oct. 20, 2026
Permit · data.sanjoseca.gov
Primary record
- PermitThe permit record carries a dwelling-unit field of 1, which does not describe the building, so we do not use it as a unit countView the record on data.sanjoseca.gov
Also reported by
- The San Jose BlogGateway Tower Financing Closes, Construction Ready to Begin in SoFA