Urban Catalyst broke ground on Aquino, a 278-unit multifamily development located at 498 W. San Carlos St. in downtown San Jose. Designed to meet the needs of the region’s tech workforce, 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. By leveraging this legislation, Urban Catalyst was able to move Aquino forward at a time when many projects have remained on hold, the company said.
Aquino will be located within walking distance of Zoom headquarters, Adobe headquarters and Diridon Train Station. Project partners include BDE Architecture, Swenson Builders, Gemini Capital, Redpoint Capital Advisors and Beach Point Capital.
“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,” said Erik Hayden, founder of Urban Catalyst.
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