The Lupina, a six-story affordable housing project slated for a long-empty lot on South Almaden in downtown San José, just cleared a big-money hurdle. A fresh financing package pairs a major bank construction loan with county support—exactly the combo developers say is needed to nudge the 99-home plan from paper to ground. The building is set to feature community-serving retail and a modest plaza along South Almaden, with backers betting it can help anchor affordability in the Guadalupe-Washington neighborhood.
Real-estate filings reviewed by The Mercury News show the project secured a $53.3 million construction loan from JPMorgan Chase and a $28.9 million construction loan from Santa Clara County, putting the total development cost at about $98.6 million. Recorded on Nov. 7, the documents are the clearest sign yet that the effort is shifting from permitting to pre-construction. With that capital in place, timelines point to a spring 2027 start and staged completion in 2028, according to filings and planning notes reviewed by the newspaper. Not tomorrow, but definitely moving.
What the building will include
Resources for Community Development, the Berkeley nonprofit behind Lupina, outlines a six-story building with 99 deeply affordable apartments above roughly 2,300 square feet of ground-floor community-serving commercial space and about 3,300 square feet of open space on South Almaden Avenue. Leddy Maytum Stacy Architects is listed as the architect, with Nibbi Brothers as general contractor. On-site management and supportive services are part of the plan. The site is located next to the Virginia VTA light-rail station and a short walk from downtown, positioning the project squarely in transit-oriented territory.
Who will be able to live there
Public filings cited by The Mercury News indicate a mix of 26 studios, 28 one-bedroom units, 25 two-bedroom units, and 20 three-bedroom units. Nineteen homes are reserved for households at 30 percent of the area median income (AMI). The filings estimate 30% AMI rents at around $545 per month, including utilities, with other units projected to range between approximately $1,036 and $2,488, also including utilities. The documents rely on the state’s 2025 AMI figures for Santa Clara County to set income limits for one- and four-person households.
State award helps tip the scale
The California Department of Housing and Community Development lists Lupina among AHSC Round 7 awardees, noting a $29.4 million award and describing it as a mixed-use, transit-oriented project at 797 S. Almaden Avenue. The state notice references 98 affordable homes, a discrepancy of one from the 99 cited elsewhere. Pair that award with the newly documented construction loans, and the financing puzzle finally looks solvable.
Why Lupina matters locally
Resources for Community Development states that 25 homes will be reserved for individuals and families transitioning out of homelessness, with on-site services designed to help residents stay housed. The transit-friendly location aligns with city and state goals to build affordable homes near major corridors, thereby reducing transportation costs and car dependence. Neighborhood advocates and some city officials argue projects like Lupina are key to pushing back on displacement pressures in a fast-changing slice of downtown San José.
Next steps
With construction loans now recorded, developers move into final permitting, contractor scheduling, and other pre-construction work, aiming for a spring 2027 start. City approvals and final budget reconciliation still need to be finalized before shovels hit the dirt, and neighborhood groups will be watching how the affordable homes are allocated. If the schedule holds, move-ins could begin in 2028. Slow and steady, but headed in the right direction.
