"The project site is at 51 and 65 Notre Dame Ave., next to Carlysle Street, and is currently a vacant lot at a prime location in downtown San Jose. The property's owner, an affiliate of Acquity Realty, is in default on a $10 million loan, according to documents filed by West Coast Community Bank, which was known as Santa Cruz County Bank when it issued the loan in 2021."
"The project site was once the location of the popular Andy's Pet Shop, which was ousted from that location so the store structure could be bulldozed to clear the way for the development. Andy's Pet Shop has successfully relocated to a new Bascom Avenue store in San Jose. Meanwhile, construction has yet to begin on the proposed housing. The Acquity Realty affiliate paid $20 million to buy the property in 2021."
"The lender has scheduled a foreclosure proceeding for the property this month, Santa Clara County real estate records show. Acquity Realty has proposed multiple types of projects at the site. None have been built. The initial proposal envisioned 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."
An empty lot at 51 and 65 Notre Dame Ave. in downtown San Jose faces foreclosure and auction after the property's owner defaulted on a $10 million loan. The owner is an affiliate of Acquity Realty, which purchased the four-parcel site for $20 million in 2021. Andy's Pet Shop was displaced and has relocated to Bascom Avenue. Several development plans were proposed but never built, including a city-approved 21-story mixed-use tower and a later 148-unit mid-rise with 4,700 square feet of ground-floor retail. The lender filed a default, briefly rescinded the delinquency in September 2024, and later scheduled foreclosure proceedings.
Read at www.mercurynews.com
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