Z&L Properties looking to offload another Silicon Valley property
Also recently listed condo towers in SanJose for $300 million
Embattled Z&L Properties is looking to offload a chunk of Bay Area land as it faces legal disputes and criminal accusations.
The Foster City-based developer has listed a 3.8-acre site at 3055 Patrick Henry Drive in Santa Clara that could be redeveloped with 345-430 apartment units, according to a marketing brochure by CBRE. Currently on the site is a two-story, 70,500 square foot property. The listing price is not publicly available, however property records show the site is valued at $31 million.
The property is located within the Patrick Henry Drive Specific Plan, which is designed to provide areas for the construction of mixed-use projects and multifamily developments. The planning area encompasses approximately 74 acres of land bounded by Calabazas Creek, Mission Community College, the Great America Parkway and the San Francisco Public Utilities Commission, according to Santa Clara’s website.
The Santa Clara site is just the latest example of Z&L offloading assets in the BayArea. Its Silvery Towers development, a pair of luxury condo towers in San Jose, is on the market and seeking $300 million. That shakes out to roughly $537,000 per unit when excluding the 82 homes that have already been sold in the project’s West tower, the only one open.
The San Jose and Santa Clara listings come as Zhang Li, Z&L’s president, was arrested late last year on bribery charges connected to a high-profile corruption case involving former San Francisco Public Works Director Mohammad Nuru.
Li is accused of participating in a kickback scheme between 2015 and 2020 in order to advance a 139-unit residential project in San Francisco.
The developer is also accused separately of failing to restore a historic church where two residential towers are planned to be built. Frustrated San Jose officials are looking into pursuing legal action against Z&L properties, which they reiterated at an Silicon Valley Business Journal event this week.
Z&L Properties’ neglect of church in San Jose fits company profile
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