"A Bay Area group has bought a former fraternity house in downtown San Jose where a developer had once eyed, but never built, affordable homes. The one-time fraternity house was bought for $3.25 million, according to documents filed on Sept. 4 with the Santa Clara County Recorder's Office. First Community Housing, acting through an affiliate, sold the property to the new ownership group."
"In 2020, First Community Housing paid $5.6 million for the fraternity house. In 2021, First Community had proposed the development of a 91-unit, seven-story affordable housing project at the site. The project never broke ground. First Community, however, began to run into financial difficulties that were severe enough that the affordable housing developer was described as becoming financially overextended and unable to meet all of its financial obligations, according to a city staff report prepared in 2022."
"At one point, Sigma Nu Fraternity had operated a house for its Zeta Iota Chapter at the property, which is located at 155 South 11th Street, about a block from the main downtown campus of San Jose State University. The three-story building totals 10,900 square feet and contains 25 bedrooms, according to multiple commercial and residential property databases. It wasn't immediately clear what plans the new ownership group has for the building."
A Bay Area group purchased a former fraternity house in downtown San Jose for $3.25 million, with documents filed Sept. 4. First Community Housing, through an affiliate, sold the property after acquiring it in 2020 for $5.6 million. The site at 155 South 11th Street once housed Sigma Nu's Zeta Iota Chapter and sits about a block from San Jose State University's downtown campus. In 2021, First Community had proposed a 91-unit, seven-story affordable housing project that never broke ground due to severe financial difficulties and overextension. The three-story building totals 10,900 square feet with 25 bedrooms, and the new ownership group's plans remain unknown.
Read at www.mercurynews.com
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