A downtown San Jose site that’s poised for two residential towers might land on the market after a key construction permit was left to expire.
The former Greyhound bus property, located at 70 S. Almaden Avenue, is set to be replaced with a pair of 20-story towers and a combined 700 units, according to the Mercury News, which first reported on the potential relisting.
Z&L Properties, a China-based developer, got approval from the San Jose City Council four years ago. The plan included the towers and 14,000 square feet of retail space.
But Z&L allowed the permit to expire — something that could set the project back significantly.
The developer, which has multiple projects underway in the downtown San Jose area, is primarily focused on another two-tower, 650-unit residential complex at 188 St. James Drive that it hopes to complete by the end of this year, a representative of the company said.
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Earlier this year, Z&L sold a different vacant parcel in North San Pedro for more than $11 million. The company planned to build 313 residential units on the site, but after making little progress and going into default on a development agreement with the city, decided to unload it.
The Greyhound site has seen very little progress as well and, according to the representative, the company is deciding whether to continue development of the project or sell the property, the report noted.
The property, which has been deemed an important part of efforts to revitalize the area, has caught the attention of other development groups that have been actively acquiring sites downtown.
[MN] — Victoria Pruitt