"The lender, a Texas-based affiliate of a group whose officials include real estate developer Chris Jiashu Xu and business executive William Wang, has taken ownership of the former Greyhound terminal in downtown San Jose through a foreclosure. The new owner foreclosed on a delinquent $19.5 million loan for the property, documents filed on Oct. 22 with the Santa Clara County Recorder's Office show."
"San Jose officials had prevously approved a 708-unit housing development on the bus terminal property, whose addresses include 60 and 70 South Almaden Ave. The Pacific, a 708-unit residential tower at 60 - 70 South Almaden Avenue in downtown San Jose, concept. (CBRE) The new owners stated in a U.S. Bankruptcy Court filing that they were ready to build a residential tower project of that sort."
A Texas-based affiliate led by real estate executives Chris Jiashu Xu and William Wang foreclosed on a delinquent $19.5 million loan and took ownership of the long-abandoned Greyhound bus terminal in downtown San Jose. San Jose officials previously approved a 708-unit housing development, known as The Pacific, for the site's addresses at 60 and 70 South Almaden Avenue. The new owner told a U.S. Bankruptcy Court it has the resources and readiness to develop the residential tower project as originally entitled. Z&L Properties, which had owned the parcel, never broke ground and mounted a legal fight to resist foreclosure. The vacant site had become blighted and covered with graffiti.
Read at www.mercurynews.com
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