Construction crews are putting the finishing touches on the wood framing atop the eight-story Aquino apartment complex at 486 West San Carlos Street in downtown San Jose, bringing the 278-unit project near Discovery Meadow close to topping out. The building rises from a three-story concrete podium into five additional floors of wood-frame construction, with facade installation expected to begin once the framing work wraps up.
Urban Catalyst is developing the project, according to San Francisco YIMBY, with BDE Architecture designing the building and Swenson Builders serving as general contractor. The outlet reports the ground floor will hold an internal garage and community room, while the finished tower will feature an accordion-style rounded edge facing West San Carlos and Josefa streets along with a barcode-inspired facade of vertical panels and two clusters of private balconies. The 0.83-acre site is bounded by West San Carlos Street, Josefa Street, Delmas Avenue, and Auzerais Avenue, less than 15 minutes on foot from Diridon Station, which is served by Caltrain and VTA light rail, with future plans to connect the area to the BART network, per the same report.
Financing a Housing Project When Others Have Stalled
Getting Aquino this far took a substantial capital stack. In August 2025, Urban Catalyst secured $112.5 million in construction financing from Los Angeles-based Beach Point Capital Management to cover the majority of the project's $135 million total development cost, according to The Real Deal.
Urban Catalyst assembled the 0.83-acre parcel in December 2020, paying $10.2 million to Forbrich Properties LLC through its affiliate UC Madera Owner, according to San Francisco YIMBY's earlier reporting, on a lot that had previously held surface parking and a small commercial education building.
A Design That Grew Over Four Years
Aquino wasn't always this big. The project was initially proposed in early 2021 as a 184-unit complex designed by Aedis Architects and now has 278 units, with BDE Architecture designing the building. Of the final unit count, 211 are smaller studio and one-bedroom units and 67 are two- or three-bedroom residences, including 14 deed-restricted affordable units set aside for very low-income households; the building will also include parking for 167 cars and 88 bicycles.
Hoodline covered the project's groundbreaking last September, and the project has since advanced to near top-out. Facade installation has not yet started but is expected once the top-floor framing is complete.
Urban Catalyst's Growing West San Carlos Footprint
Aquino is just one piece of a broader push by Urban Catalyst along this stretch of West San Carlos Street. Across the street at 495 West San Carlos Street, the developer completed and opened the eight-story, 176-room Marriott TownePlace Suites hotel in April 2025, according to Urban Catalyst. Nearby at 470 West San Carlos Street, the developer has started site work on The Gifford, an eight-story senior housing complex.
The corridor's transformation extends beyond housing. In August 2026, the City of San Jose agreed to purchase the historic 1889 Knox-Goodrich building at 26-36 South First Street from an Urban Catalyst affiliate for $3.6 million, in a deal intended to support downtown activation alongside nearby housing projects, The Real Deal reported. Urban Catalyst had purchased the vacant building in 2019 for $9.1 million before suspending plans due to shifting market demand, according to the same outlet.
A Rare Win Amid a Regional Housing Slowdown
Hoodline previously reported that the San Jose metro area led major U.S. cities in a steep decline in building permits, a trend tied to high labor costs and interest rates.
Urban Catalyst changed plans for two downtown high-rises and secured financing for the 278-unit Aquino project.
