New 24-story San Jose tower propelled by landmark $100 million fractional ownership offer
Alterra Worldwide has launched one of the world’s leading real estate tokenization projects for a new multi-family high-rise tower in downtown San Jose dubbed Tower 27. The token name, T27 Silicoin (T27S), was inspired by the location of the project in the heart of Silicon Valley. 100 million T27 Silicoin Security Tokens, each equal to $1, are available globally via their website.
Tower 27 is a 24-story, 374-unit, Class A multi-family residential project that includes 35,597 sq ft of leasable commercial space. The property is fully entitled. The construction of Tower 27, with a total development cost of $237 million, is scheduled to start in the first quarter of 2022 and expected to be completed within 32 months. On October 19, 2021, the San Jose City Council unanimously approved a waiver providing a 50% reduction in commercial fees for qualifying developments. The waiver provides an estimated total of $6.3 million discount in construction taxes and Affordable Housing Impact fees for the development.
The developer, Alterra Worldwide, has been involved with commercial real estate development projects worldwide for more than 20 years. The company emphasized the start of construction and ongoing development are not dependent on the course of the offering. The funds necessary to develop Tower 27 are being sourced simultaneously through traditional financing methods. Alterra Worldwide CEO Mike Sarimsakci clearly stated his stance on this issue by saying, “No matter the success of the T27 Silicoin offering the building of Tower 27 will move forward”.
The investment strategy is to share the profit with investors
Tower 27 is located in one of the most valuable real estate locations in the US. Directly in the center of Silicon Valley in downtown San Jose. Due in part to the region’s rapid growth, Alterra Worldwide’s investment strategy is to exit at the end of the…
