Interim funding has been secured for a proposal at 486-498 West San Carlos Street in San Jose, Santa Clara County. The developer, Urban Catalyst, received a $6.1 million loan to pursue the construction of Aquino, an eight-story apartment complex with nearly three hundred homes close to Diridon Station.
George Avalos first reported the loan for the Bay Area News Group, sharing that the funding was provided at the start of this month by “Logan Clark III IRA, with Inspira Financial Trust LLC acting as a custodian.” The $6.1 million will help bridge the gap between now and full funding, which Urban Catalyst hopes to acquire during the third quarter of this year. A representative for Urban Catalyst has yet to reply to a request for comment.
The proposed housing has significantly increased its residential capacity since the initial application for 184 units as covered in early 2021. Now, Urban Catalyst plans to create 272 apartments across nearly 200,000 square feet, including a 20,000 square foot garage and 3,000 square feet of amenity space.
486 West San Carlos Street, image courtesy Google Street View
Aquino was drafted while Google was more actively pursuing their city-altering Downtown West masterplan. While demolition crews have removed several low-slung commercial structures in the area surrounding Diridon Station for the tech giant’s proposal, vertical construction has yet to start. Several significant snags have muddled the timeline of a hypothetical start, most notably when Google ends its partnership last November with the developing partner, Lendlease. Lendlease and Google had been working together on Downtown West, Moffett Park, Middlefield Park, and North Bayshore.
The developer purchased the necessary parcels at the corner of Josefa Street and West San Carlos Street in 2021 for over $10 million. The site is across from Marriott TowneSuites Hotel at 495 West San Carlos Street, another project by Urban Catalyst. Construction started on the hotel earlier this year, with completion expected as early as 2025.
Construction of Aquino is hoped to start before the end of the year, with completion possible by 2026.
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The wet floor renderings are pretty funny. Makes the poorly maintained streets look good for once.