#apartment-development

#apartment-development

California real estate giant Irvine Co. is in the midst of a building push in one hotspot for future development statewide: apartments in less-than-traditional spaces. The Newport Beach-based company, which owns 125 complexes with 65,000 apartments across California, has 3,000 units under construction at three sites in Orange County. There are another9,000 units in various stages of planning in Orange, San Diego and Santa Clara counties.

An apartment project, slated to rise at the corner of West San Carlos Street and Josefa Street in downtown San Jose, has obtained a construction loan totaling $112.5 million, according to documents filed on Aug. 26 at the Santa Clara County Recorder's Office. Aquino, as the 278-unit apartment hub is known, is being developed by an affiliate of San Jose-based real estate firm Urban Catalyst. It is set to break ground on Sept. 3.