Urban Catalyst Downgrades Housing Vision in Downtown San Jose

Urban Catalyst is updating their dual high-rise proposal into two eight-story residential buildings. The project shifts from earlier office and housing concepts to focus solely on apartments, delivering 626 units across sites at 147 E. Santa Clara St. and 95 N. Fourth St. This adaptation uses wood-frame construction for efficiency and cost reduction, allowing the development to progress amid economic realities while addressing the city's housing needs.

The first phase targets the corner of East St. John and North Fourth streets near St. James Park, replacing an empty commercial property. The second phase follows at East Santa Clara and North Fourth, currently a Chevron gas station that may operate a few more years. Each building includes about 300 units and incorporates ground-level commercial and retail space along East Santa Clara Street, enhancing street activity in the area.

Leveraging Senate Bill 330 for streamlined approvals, the development requires around $300 million in investments, with costs per building estimated at $130 million to $150 million. This approach prioritizes feasibility and speed to combat the housing shortage.

Source: The Mercury News

Groundbreaking for Aquino Apartments Marks a New Chapter in Downtown San Jose Housing

Construction has officially started on the Aquino apartment complex, an eight-story development bringing 278 new units to Downtown San Jose at 498 West San Carlos Street. Developer Urban Catalyst led the groundbreaking ceremony on September 4, marking a significant step toward addressing the city's pressing housing needs. This project transforms a once-vacant corner at West San Carlos and Josefa streets, previously occupied by outdated structures like an office building and an autobody shop, into a modern residential hub.

The Aquino features a traditional apartment layout, shifting from an earlier co-living design to offer more units in compact sizes. With a total cost of $135 million, the development secured a $112 million loan from Beach Point Capital and benefited from San Jose's multifamily housing incentive program, which provides fee and tax reductions to encourage building. This support helped push the project forward, aligning with the city's goal to add over 60,000 housing units by 2031. Among the 278 units, 14 are deed-restricted for affordable housing, contributing to inclusive growth.

Positioned near Google's planned Downtown West campus and Diridon Station, Aquino enhances connectivity and vitality in the area. It neighbors other Urban Catalyst projects, including the completed Keystone Marriott TownePlace Suites hotel and a site slated for additional housing. This infill development promotes shorter commutes and a sustainable environment, fostering a community where residents can thrive amid Silicon Valley's innovation.

San Jose's recent pace of housing production, with about 1,500 units completed last year and 1,300 the year before, falls short of demand, making projects like Aquino essential. City leaders recognize the need to streamline processes and reduce bureaucracy to compete with faster-building cities like Austin and Denver. By prioritizing smart development, San Jose sets an example for California, starting with initiatives that make housing more feasible.

The Aquino stands as a symbol of progress, inviting families, professionals, and newcomers to experience Downtown San Jose's evolving landscape. Residents will enjoy proximity to transit, amenities, and the city's cultural offerings, from nearby parks to bustling markets. This addition strengthens the neighborhood fabric, creating opportunities for vibrant living in the heart of the South Bay.

Source: SVBJ