SAN JOSE, CA – Urban Catalyst proudly celebrated the groundbreaking of Aquino, a 278-unit high-end multifamily development located at 498 W. San Carlos Street in Downtown West San Jose. Downtown San Jose has seen some of the highest rent growths in the nation, yet limited new market-rate multifamily building starts have occurred in the area over the past two years, making Aquino a critical addition to the city’s housing supply.
Aquino is among the first major projects to advance under San Jose’s Multifamily Housing Incentive Program, which the City Council approved in December to spur housing production. The program provides eligible developments with fee and tax incentives, offering a much-needed boost to housing creation in a region where costs and regulations have stalled new construction.
By leveraging this legislation, Urban Catalyst was able to go Aquino forward at a time when many projects have remained on hold, underscoring how targeted policy can unlock housing in one of the most expensive markets in the country.
Designed to meet the evolving needs of the region’s tech workforce, Aquino offers luxury living within walking distance of Zoom HQ, Adobe HQ, Diridon Train Station, and major transit corridors including I-280 and I-87.
Its amenities include a large interior courtyard surrounded by a fitness center, co-working space, dog walk area, yoga room, sauna lounge, communal kitchen, and an exclusive penthouse lounge with a balcony patio on the 8th floor, providing residents with a modern, connected, and vibrant living experience.
The project is being realized through a collaborative effort with BDE Architecture, Swenson Builders, Gemini Capital, Redpoint Capital Advisors, and Beach Point Capital providing critical construction financing.
“Breaking ground on Aquino is a testament to the resilience and dedication of our team,” said Erik Hayden, Founder of Urban Catalyst. “We are especially grateful to Beach Point Capital for their partnership and support in bringing this project to life. With rent growth at historic highs and no new market-rate multifamily developments in downtown San Jose in the past two years, delivering high-quality housing is both challenging and essential. Aquino represents our commitment to building communities where people can live, work, and thrive.”
The groundbreaking ceremony, held on September 3rd, marked the official start of site demolition and the first steps toward bringing Aquino to life. Local leaders, advocates for downtown San Jose, project partners, and members of the Urban Catalyst team were all in attendance to celebrate the milestone.
Even San Jose Mayor Matt Mahan joined in, swinging a sledgehammer to kick off demolition, a moment that underscored the city’s commitment to smart infill development and the urgency of addressing Silicon Valley’s housing shortage.
Mahan emphasized that Aquino is exactly the type of development the City Council envisioned when launching the multifamily incentive program last year.
“I reckon our council has gotten the message that we desperately need housing, that our fees and our processes and all the bureaucracy and layers we’ve made in California have been a huge part of the reason that Austin’s building and we aren’t, or the reason that in Denver you can build the same apartment for less than half the cost of building it here,” Mahan said at the event. “We’re changing the culture in California starting right here in San Jose because we’re the engine of innovation, and we’re willing to admit when the things we’re doing aren’t working. We’ve got to do something different.”
Powered by WPeMatico