"San Jose officials had previously approved a student housing project at the site, but with the property now for sale, its future remains uncertain."
"Brent Lee, the property owner, is looking for a buyer for the one-acre site with plans for a 23-story residential tower offering 298 units."
"The site has faced tragic incidents, including a drive-by shooting and fires that destroyed buildings, contributing to its reputation as a blighted area."
"With an asking price of $35 million, the property offers a chance to develop a high-rise residential project along with retail space in downtown."
The proposed site for a 23-story student housing tower in downtown San Jose, previously approved, is now available for sale amid concerns about the property's future. The one-acre site, owned by Brent Lee, is being marketed for $35 million by commercial real estate firm Marcus & Millichap. The development plan includes 298 student housing units, ground-floor retail space, and parking for 287 vehicles. The site has a troubled history, including multiple fires and violent incidents, contributing to its current blighted state, raising questions about the viability of the project moving forward.
Read at www.mercurynews.com
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