"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,"
A housing development site at 51 and 65 Notre Dame Ave. in downtown San Jose is in default on a $10 million loan and faces possible foreclosure. Acquity Realty, through an affiliate, bought the four-parcel property in 2021 for $20 million. West Coast Community Bank filed the loan default; the bank had provided the loan in 2021 when it was known as Santa Cruz County Bank. Acquity Realty has proposed several projects for the site, including an approved 21-story mixed-use tower that never broke ground and a later proposal for a 148-unit mid-rise with 4,700 square feet of retail. The ownership group is seeking $12.5 million for sale. The site was once occupied by Andy’s Pet Shop.
Read at The Mercury News
Unable to calculate read time
Collection
[
|
...
]