oWow Revives 372-Unit Affordable Tower in Downtown San Jose

• 439-451 South 4th Street, San Jose, CA: American Housing Co., a subsidiary of Oakland-based oWow, is proposing a new 25-story affordable housing tower on the roughly half-acre site near San Jose State University.
• 372 total residences: The proposal calls for 368 affordable apartments plus four manager residences, a major increase from the previously approved plan for up to 210 residential units.
• Approximately 261 feet tall: The new concept would bring a high-density residential building to a site that has gone through several development proposals but has yet to reach construction.

What oWow Is Proposing

American Housing Co. is reviving development plans for 439-451 South 4th Street, replacing an earlier proposal associated with former owner Nelly Amas. The new project would deliver 372 residences, with nearly the entire building dedicated to below-market-rate housing. The site sits near downtown San Jose, San Jose State University and major transit connections, making it a logical location for a high-density residential project. City environmental documents identify the property as approximately 0.5 acres and previously occupied by multifamily buildings.

 

 

What Is Changing From The Previous Plan

The latest proposal significantly increases the residential yield. The previous project envisioned a 25-story, approximately 274-foot building with up to 210 units, according to San Jose environmental filings. The new concept would maintain a similar height and scale while increasing the unit count to 372 residences. The developer has not yet released detailed floor plans, amenity plans or a final architectural design.

 

 

What The Affordable Housing Component Means

The project would dedicate 368 apartments to affordable housing, leaving only four manager residences outside that designation. That makes the proposal substantially different from the earlier market-rate-oriented plans that had circulated for the property. The scale also reflects San Jose's continued push toward adding housing near major employment centers and educational institutions. The city has maintained environmental review documentation for the broader South Fourth Street project area, including previous development plans for the site.

What The Project Could Cost

Recent reporting places the proposed development's total cost at approximately $159.6 million, including an estimated $94.8 million in construction costs and $6.4 million in land and acquisition expenses. Those figures are preliminary and could change as the design and financing structure advance. For investors and developers, the project highlights the economics of building high-density affordable housing on small urban sites, particularly around transit, universities and downtown employment districts.

What Comes Next For 439-451 South 4th Street

Detailed architectural plans have not yet been released, and it remains unclear whether oWow will retain the previous design by Salvatore Caruso Design Corp. or use its own architectural team. The property has already experienced multiple development concepts and approvals without reaching construction. The new 372-unit affordable housing proposal now puts the site back into the development pipeline, with future approvals, financing and construction timing still to be determined.