Business View Civil and Municipal | Volume 2, Issue 9

11 CIVIL AND MUNICIPAL VOLUME 2, ISSUE 9 URBAN CATALYST SECURES CONSTRUCTION FINANCING, PULLS BUILDING PERMIT FOR PASEO MIXED-USE PROJECT The 100,000-Square-Foot Office and Retail Project Will Breathe New Life into the Long-Vacant Camera 12 Theater Building U rban Catalyst, Silicon Valley’s premier Opportunity Zone Fund, recently announced it has closed on its senior construction loan and pulled a building permit for its downtown Paseo project, key steps toward converting the shuttered Camera 12 theater into 100,000 square feet of mixed-use office and retail space. The Paseo project is the first of six from Urban Catalyst to begin construction this year, with construction expected to conclude in July 2022. The $56.2 million loan is through Rialto Capital. Located at 201 S Second Street in the heart of downtown, the three-story structure--closed since 2016--is being converted into 75,000 square feet of Class-A office space on two floors over 25,000 square feet of ground floor retail. The former theater’s high ceilings will enable such distinctive features as “floating” conference rooms, mezzanine levels and catwalks that lead to rooftop gardens. Retail businesses that have expressed interest in leasing space include several full-service bars and restaurants. “The Paseo de San Antonio is becoming a ‘restaurant row’ and we plan to add to it with some amazing ground floor retail spaces,” said Erik Hayden, Founder and CEO of Urban Catalyst. OPENING L INES