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…