BREAKING NEWS: San Jose State University has officially acquired the newly converted student housing tower, Spartan Village on the Paseo, in a significant $89.1 million deal. The acquisition marks a pivotal moment for student housing in downtown San Jose, enhancing access to affordable living for students.
The deal was finalized on December 1, 2023, with a grant deed recorded in Santa Clara, officially transferring ownership from Throckmorton Partners. This property, located at 184 South Market St., previously operated as a hotel tower before undergoing a major transformation to accommodate university students.
SJSU President Cynthia Teniente-Matson stated, “San Jose State’s purchase of the Spartan Village on the Paseo is the culmination of a landmark collaboration that has elevated our campus.” This sentiment underscores the urgent need for affordable housing options that can support the growing student population.
Originally purchased by Throckmorton for $73.1 million in 2023, the tower was redeveloped and opened as student housing in August 2024. With a capacity for 679 beds and a maximum of 811 beds, the tower significantly boosts the university’s housing capacity.
The funding for this purchase was sourced from the state’s Higher Education Student Housing Grant Program, with the total project budget reaching approximately $168.1 million. This amount includes necessary debt to pay off bonds integral to financing the project.
Bob Staedler, a principal executive with Silicon Valley Synergy, noted, “The finalized transaction is good business for San Jose State.” He highlighted that converting an existing hotel allowed SJSU to rapidly increase housing capacity compared to building a new facility from the ground up.
One of the standout features of Spartan Village is the sky bridge lounge, which offers students a unique space to socialize and study while enjoying panoramic views of downtown San Jose. This communal area is complemented by various dining options on the second floor, enhancing the living experience for residents.
President Teniente-Matson emphasized the community impact of this project: “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.”
The acquisition not only strengthens SJSU’s housing portfolio but also deepens the university’s ties to downtown San Jose. Staedler remarked, “SJSU is the heart of the downtown, and the city needs to fully support the university.”
This acquisition is a crucial step in addressing the pressing need for student housing in the San Jose area, reflecting a commitment to creating sustainable living environments for students. As the university continues to grow, so too does its responsibility to ensure that all students have access to safe and affordable housing.
For students, faculty, and the community, this development is more than just a transaction; it’s a long-awaited solution to housing challenges that many have faced. With this new property officially under SJSU’s control, the university is poised to make significant strides in creating a supportive living environment for its students.
Stay tuned for further updates on this developing story as SJSU continues to enhance its campus and community ties.
