After years of drama, delay, and dollar signs going sideways, one of downtown San Jose’s biggest housing bets is finally gearing up for a serious sales run.
The new owners of 188 West St. James, the 640-unit condo complex across from San Pedro Square, are rolling out a major push to sell off unsold homes and convert some rentals into owner-occupied units. Machine Investment Group, which controls the twin towers, has teamed up with Centurion Real Estate Partners on what amounts to a reset for a project that has been shadowed by litigation, construction headaches, and financial trouble since it opened.
The partners have kicked off an organized sales campaign with staged model units, new pricing, and refreshed amenities, according to The Mercury News. The outlet reports that studios are expected to start around $425,000, one-bedrooms in the $500,000 range, and two-bedrooms in the $900,000s, with a limited collection of penthouses starting at $1.88 million.
According to the Mercury News, toensure the luxury lifestyle experience is move-in ready, ownership has already invested over $30 million in comprehensive capital improvements. These updates, designed in partnership with San Jose architect Steinberg Hart, include redesigned lobbies, a third-floor Residents’ Club with co-working spaces and social lounges, and an enhanced 75-foot lap pool and outdoor terrace.
“San Jose has significant housing demand and great purchasing power,” Centurion managing partner John Tashjian told The Mercury News. Polaris Pacific’s Paul Zeger added that the towers can deliver “attainable homeownership in an iconic residential setting.”
Those optimistic sound bites arrive as tenants who have been renting condos at the property are being asked to move out so the units can be sold as owner-occupied homes, according to the same outlet. Local brokers say quietly that moving hundreds of condos, even with price adjustments and incentives, will be a long and costly slog.
How the towers changed hands
The fact that the towers are on the market at all is the result of a bruising foreclosure fight. Machine Investment picked up the complex in June 2025, paying about $181.9 million after former owner Z&L Properties defaulted on roughly $330 million in construction debt, according to The Real Deal. Following the acquisition, the new ownership group immediately began prepping both unsold and rented units for sale to move past the controversies of previous management.
The Real Deal reports that Machine secured financing to recapitalize the project and set about prepping both unsold and rented units for eventual sale after years of lawsuits, construction problems, and other controversies under Z&L’s watch.
What buyers and downtown could see
With roughly 640 homes spread between two towers, 188 West St. James ranks among the largest recent residential additions to downtown San Jose, based on building listings and property information. Homes.com notes the complex’s 22-story profile and extensive amenity package.
Developers estimate that fully selling out the buildings to owner-occupants could bring close to 1,000 residents into the immediate area. If the sales push catches on, that many new neighbors could mean steadier weekday business for the bars, restaurants, and shops in nearby San Pedro Square. If sales drag, a long tail of unsold inventory could hang over the downtown condo market, keeping prices under pressure.
For now, the makeover is complete: showrooms are open, marketing materials are circulating, and the towers are positioned as a stabilized, high-design community. The big question for San Jose’s skyline is whether these price resets and significant capital investments are enough to turn a troubled development into a permanent, owner-occupied fixture of the city.
Editor’s Note: This article has been updated to clarify the pricing structure and the current completion status of the property's capital improvements.
