URGENT UPDATE: Interest is skyrocketing for two new residential towers in downtown San Jose, with over 500 potential buyers already on a waiting list for condos at 188 West St. James. As the city aims to revitalize its downtown area, the success of these towers could serve as a critical catalyst for change.
Officials from Machine Investment Group and Centurion Real Estate Partners are actively seeking buyers for the unsold condos in this ambitious project. “We’ve never seen anything like this before,” said John Tashjian, managing partner at Centurion Real Estate, highlighting the unprecedented demand.
The 640-unit complex features a 22-floor eastern tower and a 20-floor western tower. Centurion is prioritizing sales in the western tower, where they believe the demand is most acute. This residential hub could potentially house between 700 to 900 residents, depending on unit occupancy.
“This can be fantastic for the downtown,” said David Taxin, a partner with Meacham/Oppenheimer. He noted that increased residency would likely boost the local economy, benefiting nearby restaurants and businesses.
Starting prices for these sought-after units are set at $429,000 for studios, $600,000 for one-bedroom units, $900,000 for two-bedroom units, and $1.8 million for penthouses. “They are onto something with those price points,” Taxin added. Many young professionals are currently priced out of traditional single-family homes, making these condos an attractive alternative.
The owners are investing $30 million in extensive upgrades to ensure the towers meet modern living standards. Tashjian estimates that the lobby and amenities in the western tower will be completed in just two to four weeks, while the eastern tower’s renovations are expected to wrap up within two to three months.
“This will help the tax base and the vibrancy of downtown,” remarked Bob Staedler, principal executive with Silicon Valley Synergy. The renewed focus on residential living comes after years of decline and mismanagement under the previous owner, Z&L Properties, which faced severe financial and operational setbacks.
In June 2025, a swift foreclosure enabled Machine Investment to take ownership of the property, recently valued at $181.9 million. Tashjian believes that the project marks a “turn-the-page moment” for downtown San Jose, signaling a fresh start after the complex’s troubled past.
Residents and city officials are eager to see the impact of these developments unfold. As the waiting list continues to grow, one thing is clear: downtown San Jose is poised for a significant transformation.
Stay tuned for more updates on this developing story as it unfolds!
