"Full Standard, the Z&L Properties affiliate, stated in a bankruptcy court filing that it was prepared to develop mid-rise apartment housing at the Greyhound site. The new proposal for mid-rise apartments would be much smaller, yet far more feasible, than the original proposal for two housing towers that would have produced 708 condo units, Full Standard Properties told the bankruptcy court. The city-approved permits for the project have expired due to the delays in starting construction."
"SAN JOSE A lender says it's ready to develop hundreds of homes on a downtown San Jose site if a bankruptcy judge clears the way for the company to seize the property through a foreclosure proceeding, court papers show. The property that's in dispute is an abandoned Greyhound bus terminal site at 60 and 70 South Almaden Ave. in downtown San Jose."
A Texas-based lender affiliate is seeking a bankruptcy court ruling to permit foreclosure on an abandoned Greyhound bus terminal at 60 and 70 South Almaden Ave. in downtown San Jose. The property's owner, Full Standard Properties, an affiliate of China-based Z&L Properties, filed for bankruptcy in July aiming to reorganize finances and retain ownership. Full Standard proposes a scaled-back mid-rise apartment plan instead of the originally approved two-tower development that would have produced 708 condos. City-approved permits have expired, so a new entitlement process and a joint-venture partner would be required for redevelopment.
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