Aquino: A New Apartment Complex in Downtown San Jose Could Break Ground Soon

Aquino: A New Apartment Complex in Downtown San Jose Could Break Ground Soon

A new 272-unit apartment complex, Aquino, is on track to break ground this summer in downtown San Jose, pending finalization of construction financing. The development, led by Urban Catalyst, is planned for the corner of West San Carlos Street and Josefa Street, near the proposed Downtown West neighborhood and the Diridon train station.

How San Jose’s Fee Waivers Are Helping

San Jose’s recent decision to waive certain development fees has helped reduce overall project costs, improving the feasibility of securing financing. With the fee waivers, the total cost of the Aquino project is estimated at $125 million, compared to $130 million without them.

The city implemented these waivers as part of a broader initiative to encourage housing development in the downtown area. As construction financing remains a challenge due to elevated interest rates, these cost reductions play a key role in helping projects move forward.

Why This Project Matters

San Jose has been actively seeking ways to increase housing supply, and projects like Aquino align with the city’s long-term vision for urban growth. As demand for housing in the Bay Area continues to rise, incentives like these can accelerate construction and bring much-needed residential units to market.

With confidence in financing prospects, Urban Catalyst could break ground on Aquino in just a few months, bringing another major housing project to life in downtown San Jose.

Source: Mercury News

Photo: BDE Architecture