Standard Properties, an affiliate of China-based Z&L Properties, proposes reviving a housing project at the long-shuttered Greyhound bus station site in downtown San Jose. The affiliate previously proposed two residential towers totaling 708 units at 60 and 70 South Almaden Blvd., but now prefers a smaller medium-rise apartment development. Standard Properties filed for Chapter 11 bankruptcy to reorganize finances, a move that could delay foreclosure of a delinquent loan; the lender has asked the bankruptcy court to terminate the case to allow foreclosure. The property was purchased for $39.5 million in 2019; the loan matured that year with about $21.2 million outstanding. A Texas-based affiliate tied to executives Chris Jiashu Xu and William Wang holds the loan; local planning records show no new development filings.
An effort to revive a housing project at the long-shuttered Greyhound bus station in downtown San Jose has surfaced in a court filing that suggests the property's owner hopes to ward off a foreclosure of its delinquent loan, according to Santa Clara County and federal bankruptcy court records. China-based Z&L Properties, acting through an affiliate, had proposed the development of two residential towers that would have produced a combined 708 units at 60 South Almaden Blvd. and 70 South Almaden Blvd.
Z&L's affiliate, Standard Properties, now envisions a housing development on a smaller scale, a document on file with a U.S. Bankruptcy Court shows. Shifting from high-rise condominiums to a more financially feasible apartment medium-rise development is Z&L's preferred approach to the housing project, Standard Properties stated in the court filing. The affiliate has filed to reorganize its finances through a Chapter 11 bankruptcy proceeding.
The bankruptcy might help it delay a foreclosure proceeding whereby the property's lender would auction off the property or take ownership to satisfy the loan delinquency. The lender has requested that the bankruptcy court terminate the case to allow the foreclosure to proceed, court papers show. Standard Properties didn't specify how many units might be built in the revamped proposal. The San Jose Planning Department hasn't posted any new development proposals for the site.
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