San Jose housing project site that’s up for sale avoids default

SAN JOSE The owner of a downtown San Jose housing advancement site has avoided a foreclosure on the property for a second time as efforts have begun to find a buyer for the land A lender cancelled a notice of default for a loan to finance a housing advance at and Notre Dame Ave according to documents on file with the Santa Clara County Recorder s Office Related Articles Lender plans to develop homes on San Jose former Greyhound bus terminal site that faces foreclosure As a Bay Area real estate mogul stands accused of fraud his favored lender comes under scrutiny A bold vision for overhauling a dilapidated mall divides Bay Area city Housing might replace office spaces inside San Jose mixed-use building The Southern California wildfires destroyed homes Less than have permits to rebuild West Coast District Bank filed the loan default on Sept against the property county real estate files show West Coast was previously known as Santa Cruz County Bank which in provided a million loan to finance the property The property has been in default on its loan twice The first default occurred in August In both instances the lender rescinded the default Separately the property s owner an affiliate of Acquity Realty has been attempting to find a buyer for the expansion site according to a marketing brochure floated by commercial real estate firms Newmark and Kidder Mathews Acquity Realty has proposed two distinctly different plans for the property Originally it envisioned a mixed-use tower that would have included ground-floor retail five floors of offices and floors of housing with residences The preponderance newest version of the project envisions a significantly shorter residential complex with units In the Acquity Realty affiliate paid million for the property which once was the site of Andy s Pet Shop The real estate firm now hopes to sell the site for million Despite the financial uncertainties that loom the seller asserts that the -acre property is in an ideal San Jose location Notre Dame Avenue offers residents the perfect balance a superb residential experience in a vibrant walkable neighborhood marketing materials state