A Q1 to Remember: How Downtown San Jose Came to Life

The first quarter of 2026 delivered something Downtown San Jose has been working toward for years: sustained momentum.

What began with the energy of Super Bowl LX in February carried through a busy March, creating a stretch of activity that brought visitors, demand, and vibrancy back to the urban core.

For Urban Catalyst, it was more than a strong quarter. It reflected how, when major events, infrastructure, and downtown destinations align, Downtown San Jose can support meaningful and concentrated activity across multiple weeks. It also demonstrated how strategically located assets within the Urban Catalyst portfolio are positioned to capture and benefit from that demand.

The Spark: Super Bowl LX Sets the Tone

The quarter’s momentum began with Super Bowl LX at Levi's Stadium, which drew more than 70,000 attendees along with tens of thousands of additional visitors to the region.

The event was widely reported to generate between $370 million and $630 million in economic impact, supported by an estimated 90,000 additional visitors traveling to the Bay Area. Hotels across the region experienced elevated occupancy and pricing, with demand extending beyond the immediate host city.

San Jose participated in that activity in a meaningful way. Throughout Super Bowl week, the city saw increased foot traffic, restaurant demand, and hotel utilization driven by visitors attending watch parties, activations, and related events.

From Urban Catalyst’s perspective, this reinforces a consistent theme. Well-located lodging and activated downtown environments are key to capturing regional demand during major events. Assets that are walkable to key destinations and embedded within an active urban core are best positioned to benefit from these types of surges in visitation.

Momentum Builds: NVIDIA GTC Reenergizes Downtown

That early momentum continued into March.

In mid-March, NVIDIA GTC brought approximately 30,000 attendees to Downtown San Jose, centered around the San Jose McEnery Convention Center.

For several days, the downtown core experienced elevated daytime activity. Restaurants were consistently busy, sidewalks were active, and local businesses saw increased demand compared to typical post-pandemic baseline levels. During the conference week, demand across downtown was strong enough that several restaurants and entertainment venues reached capacity, with reservations fully booked during peak periods, and even members of the Urban Catalyst team were unable to secure reservations at venues such as Eos & Nyx and Urban Putt in our Paseo project.

Notably, NVIDIA CEO Jensen Huang also delivered a speech at Eos & Nyx, further highlighting Downtown San Jose as a setting for high-profile industry moments and reinforcing the growing relevance of these urban spaces as gathering points for business and culture.

For a downtown still rebuilding its convention-driven economy, the event served as a clear example of how large-scale conferences can generate concentrated foot traffic and spending within a defined area.

Urban Catalyst’s TownePlace Suites by Marriott San Jose Downtown played a direct role in supporting this demand by providing lodging within walking distance of the convention center and surrounding downtown amenities. The hotel was sold out on multiple nights during the first quarter, reflecting the strength of event-driven demand and underscoring how centrally located hospitality assets are critical to capturing and retaining visitors during peak periods.

The Finish: March Madness Closes Out the Quarter

The quarter concluded with another major draw as the NCAA Division I Men’s Basketball Tournament arrived at the SAP Center.

The venue hosted Sweet 16 matchups, bringing national attention, teams, fans, and media to the area. Surrounding businesses benefited from continued activity, with restaurants, bars, and entertainment venues experiencing sustained demand.

Citywide programming, including events in areas such as San Pedro Square Market, helped extend that energy beyond the arena and into the broader downtown environment.

Built for This Kind of Quarter

While each of these events was significant on its own, the broader story is how they connected.

A strong February transitioned into a high-impact March. Downtown San Jose experienced a sustained period of demand supported by a series of major events.

This type of continuity is important for long-term downtown performance, particularly in markets where conventions and large-scale events contribute meaningfully to local economic activity.

Urban Catalyst’s projects are designed with this type of environment in mind.

A centrally located hotel supports both short-term event demand and longer-term business travel. Our Paseo project provides a walkable destination for dining and entertainment. Tenants such as Eos & Nyx and Urban Putt contribute experiential offerings that attract visitors and perform during peak demand periods.

Together, these elements help create a downtown experience where visitors can stay longer, explore more, and engage with multiple destinations within a compact urban core.

Looking Ahead: The World Cup Brings a Global Stage to the Bay Area

Following the momentum of Super Bowl LX, the Bay Area is preparing for another major international event in the summer of 2026.

The FIFA Men’s World Cup will bring matches to Levi’s Stadium, hosting teams and fans from around the world across multiple fixtures between June and July.

Unlike the Super Bowl, which concentrates activity into a single city over a short period, the World Cup spans multiple host cities and several weeks, with teams and supporters traveling throughout the tournament. As a result, the Bay Area is expected to experience a more extended and distributed pattern of visitation.

While matches will be played in Santa Clara, San Jose is positioned to support and benefit from the influx of international visitors. City initiatives are focused on encouraging attendees to spend time downtown through public programming, including watch parties, outdoor events, and community activations planned during match days.

Downtown San Jose will serve as a major gathering point for FIFA World Cup fans through a citywide “Soccer Celebration” centered at San Pedro Square Market. The festival will feature live broadcasts of all matches, fan zones, themed food and beverage offerings, and family-friendly programming designed to activate the urban core throughout the tournament.

The scale of the event is expected to be significant, with projections of more than $555 million in economic activity and about 260,000 visitors to the region. Building on the momentum of recent large-scale events, the World Cup represents another opportunity for Downtown San Jose to demonstrate its ability to support sustained, experience-driven activity and welcome a global audience.

With its diverse population and established role as a cultural and economic hub in the South Bay, San Jose is well-positioned to engage with the global audience the World Cup brings to the region.

For Downtown San Jose, the tournament represents another opportunity to demonstrate how walkable districts, hospitality assets, and experiential tenants can help support and benefit from sustained event-driven demand.

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THIS PRESENTATION IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY SECURITIES. THE OFFERING AND SALE OF INTERESTS IN URBAN CATALYST OPPORTUNITY ZONE FUND II LLC, URBAN CATALYST INDUSTRIAL I, UC MULTIFAMILY EQUITY I LLC, AND/OR UC MULTIFAMILY EQUITY II, LLC (COLLECTIVELY THE “OFFERINGS”) IS BEING MADE ONLY BY DELIVERY OF OFFERINGS’ PRIVATE PLACEMENT MEMORANDUMS (“PPMs”), CERTAIN ORGANIZATIONAL DOCUMENTS, SUBSCRIPTION AGREEMENTS AND CERTAIN OTHER INFORMATION TO BE MADE AVAILABLE TO INVESTORS (“OPERATIVE DOCUMENTS”) BY THE OFFERINGS’ SPONSOR(S). This material must be read in conjunction with the Operative Documents in order to fully understand all of the implications and risks of the offering of securities to which the Operative Documents relate. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any other state securities regulator has approved or disapproved of any of the securities related to these Offerings, determined if the Operative Documents are truthful or complete or passed on or endorsed the merits of the offering. Any representation to the contrary is a criminal offense. You may only invest in the Offerings if you are an accredited investor as defined in Rule 501 of Regulation D.

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This confidential presentation (this “Presentation”) is being furnished upon request and on a confidential basis to a limited number of sophisticated investors on a “one-on-one” basis for the purpose of providing certain information about UC Multifamily Equity II, LLC (the “Fund”). This Presentation is for informational and discussion purposes only and is not, and may not be, relied on in any manner as legal, tax, investment, accounting or other advice or as an offer to sell or a solicitation of an offer to purchase any securities of the Fund. Any such offer or solicitation shall only be made pursuant to the final confidential private placement memorandum (as amended or supplemented from time to time, and including the subscription agreement attached thereto, the “Subscription Package”) and the Fund’s limited liability company agreement, which will be furnished to qualified investors on a confidential basis at their request and should be reviewed in connection with any consideration of an investment in the Fund. No person has been authorized to make any statement concerning the Fund other than as will be set forth in the Subscription Package and any representation or information not contained therein may not be relied upon. The information contained in this Presentation must be kept strictly confidential and may not be reproduced (in whole or in part) or redistributed in any format without the express written approval of Urban Catalyst Manager V LLC (the “Manager”). By accepting this document, the recipient agrees that it will, and will cause its representatives and advisors to, use the information only to evaluate its potential interest in the Fund and for no other purpose and will not, and will cause its representatives and advisors not to, divulge any such information to any other party. Neither the Fund nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein should be relied upon as a promise or representation as to past or future performance of the Fund or any other entity. Any potential investor considering an investment in the Fund that is on behalf of an employee benefit plan or individual retirement account (or governmental, church, or foreign plan subject to laws similar to those governing employee benefit plans and individual retirement accounts) is strongly encouraged to consult with its own legal and tax advisers regarding the consequences of such an investment.

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