"Acquity Realty, acting through an affiliate, owns the property, which the Bay Area real estate firm bought in 2021, paying $20 million for the site. The site is at the corner of Notre Dame Avenue and Carlysle Street. West Coast Community Bank filed the loan default against the property, county records show. West Coast was previously known as Santa Cruz County Bank, which in 2021 provided the loan that's now in default for a second time."
"Acquity Realty has proposed multiple types of projects at the site. The real estate firm's visions for the property started out with a proposal for a mixed-use retail, dining, housing and office tower, a unique blend of components that was approved by city officials. The 21-story project never broke ground. The latest version for the site, which emerged when Aquity Realty put the four-parcel property up for sale, envisions a 148-unit mid-rise development with 4,700 square feet of ground-floor retail spaces."
"In the most recent version of the development site, project amenities would include a penthouse roof lounge, a pool area and lounge, an 8th-floor roof deck lounge, a ground-floor fitness center, and residential and retail lobbies, according to a marketing flyer circulated by commercial real estate firms Newmark and Kidder Mathews. The site had previously been appraised at $37.5 million, according to the marketing flyer."
A downtown San Jose development site at 51 and 65 Notre Dame Ave. is in default on a $10 million loan and faces foreclosure. Acquity Realty, through an affiliate, purchased the four-parcel property in 2021 for $20 million. West Coast Community Bank, formerly Santa Cruz County Bank, filed the loan default; the loan was provided in 2021 and is in default for a second time. Multiple development concepts were proposed, including an approved 21-story mixed-use tower that never broke ground and a later 148-unit mid-rise with 4,700 square feet of ground-floor retail. The ownership group is seeking $12.5 million to sell the site, and a marketing flyer listed amenities and a prior $37.5 million appraisal.
Read at www.mercurynews.com
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