SAN JOSE — A veteran residential developer from Texas has bought a downtown San Jose site that’s been approved as a housing and retail complex near a transit village proposed by Google.

West Julian Investors, an affiliate of Houston-based The Hanover Company, has paid $12.2 million for a site at 715 W. Julian St. near Stockton Avenue in San Jose, according to Santa Clara County public records. The developer plans to break ground on a seven-story building this year.

“The project is actively pursuing building permits so that construction can begin,” said Erik Schoennauer, a San Jose-based land-use and property consultant who has been guiding the development efforts for the site through the city planning process.

To that end, Hanover Co. has obtained $83.6 million in financing — which potentially could suffice to fund the project’s construction — from PNC Bank, the county property documents show. The loan was obtained on Feb. 28, the same day the Hanover affiliate bought the site.

“Being located in a good urban neighborhood with nearby transit services is the key to success,” Schoennauer said. “The site is within walking distance to Diridon train station, and thus rapid transit. It’s near The Alameda. It is very well-served by transit.”

A short distance from the project site, Google is planning a mixed-use transit-oriented community of office buildings, homes, shops, restaurants, hotel spaces and parks where 25,000 people could work, including 15,000 to 20,000 of the search giant’s employees.

A few blocks away, Adobe is actively laying plans for a fourth office tower that would rise on a lot adjacent to the tech titan’s three-building downtown San Jose headquarters campus. As many as 4,000 Adobe employees could work in the new high-rise.

“When you look at everything that’s planned in the area, this is a great site for development of this type,” said Bob Staedler, principal executive with San Jose-based Silicon Valley Synergy, a planning and land use consultancy.

The launch of construction of the 715 Julian Street project appears to be just a few months away. The development would add up 249 residential units and 27,000 square feet of ground-floor retail.

“The goal is to start this summer,” Schoennauer said.

The construction is expected to last roughly two years, he added.

“A courtyard for the residential use is proposed on the second floor, containing a pool and outdoor amenities,” according to a September 2018 report prepared by the city’s planning department. “In addition, undefined indoor amenity spaces are proposed on the second floor. A small 372-square-foot outdoor deck is proposed on the roof.”

The project is expected to include a 2,100-square-foot outdoor plaza at the corner of Julian and Stockton, the city report shows.

In addition to close links to transit and existing and future office complexes, the planned development is just down the street from the SAP entertainment and sports center, and necessary amenities are located nearby.

“The project is within an established neighborhood that has good retail services, such as Whole Foods and CVS, and all within walking distance,” Schoennauer said. “There is also a broad spectrum of restaurants along The Alameda.”