"SAN JOSE - A Bay Area group has bought a former fraternity house in downtown San Jose where a developer had once eyed, but never built, affordable homes. The one-time fraternity house was bought for $3.25 million, according to documents filed on Sept. 4 with the Santa Clara County Recorder's Office. First Community Housing, acting through an affiliate, sold the property to the new ownership group."
"In 2021, First Community had proposed the development of a 91-unit, seven-story affordable housing project at the site. The project never broke ground. First Community, however, began to run into financial difficulties that were severe enough that the affordable housing developer was described as becoming " financially overextended and unable to meet all of its financial obligations," according to a city staff report prepared in 2022."
An ownership group purchased a former fraternity house at 155 South 11th Street in downtown San Jose for $3.25 million, with documents filed Sept. 4 at the Santa Clara County Recorder's Office. First Community Housing had acquired the property in 2020 for $5.6 million and later sold it through an affiliate. The site previously housed Sigma Nu's Zeta Iota Chapter and sits about a block from San Jose State University's downtown campus. A proposed 91-unit, seven-story affordable housing project in 2021 never broke ground, and First Community later faced severe financial difficulties described in a 2022 city staff report. The three-story building totals 10,900 square feet with 25 bedrooms, and the new ownership group's plans are not yet clear.
Read at The Mercury News
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