"Acquity Realty had owned the property through an affiliate, but lost control of it through this month's foreclosure as a result of becoming delinquent on a $10 million loan it had obtained in 2021. The empty development site is at 51 and 65 Notre Dame Ave., next to Carlysle Street. The real estate firm's visions for the property, known as the Carlyle, started out with a proposal for a mixed-use retail, dining, housing and office tower, a 21-story unique blend of components that was approved by city officials but never broke ground."
"The property's longtime occupant was Andy's Pet Shop. In 2021, Acquity bulldozed the store to clear the way for the never-built tower. Andy's Pet Shop now operates on Bascom Avenue in San Jose. The bank paid $2.3 million for the property in the foreclosure, according to the trustee's deed, and is likely to find a new owner for the site rather than attempt to develop the property on its own."
A downtown San Jose development parcel at 51 and 65 Notre Dame Ave. reverted to its lender after Acquity Realty became delinquent on a $10 million loan taken in 2021. West Coast Community Bank, successor to Santa Cruz County Bank, is now the property's owner following a foreclosure recorded Jan. 16. The site, known as the Carlyle, had approvals for a 21-story mixed-use tower but never progressed beyond demolition. Acquity later proposed a 148-unit mid-rise with ground-floor retail when offering the parcels for sale. The bank paid $2.3 million and is expected to seek a new buyer rather than develop the project itself.
Read at The Mercury News
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