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 This project transforms a once-vacant corner at West San Carlos and Josefa streets, previously occupied by outdated structures like an office building and an autobody shop, into a modern residential hub.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
