"The lender for the property, a Texas-based affiliate of a group whose principal executives include real estate developer Chris Jiashu Xu and business executive William Wang, is asking U.S. Bankruptcy Court Judge Stephen Johnson to rule in a manner that would pave a path to a foreclosure of the site's loan. The site's owner, an affiliate of China-based Z&L Properties that is operating as Full Standard Properties, filed for bankruptcy in July, hoping to reorganize its finances and retain ownership of the San Jose property."
"Full Standard, the Z&L Properties affiliate, stated in a bankruptcy court filing that it was prepared to develop mid-rise apartment housing at the Greyhound site. The new proposal for mid-rise apartments would be much smaller, yet far more feasible, than the original proposal for two housing towers that would have produced 708 condo units, Full Standard Properties told the bankruptcy court."
A Texas-based lender affiliate seeks a bankruptcy court ruling to permit foreclosure and develop hundreds of homes on the abandoned Greyhound bus terminal at 60 and 70 South Almaden Ave. in downtown San Jose. The property's owner, Full Standard Properties, an affiliate of China-based Z&L Properties chaired by Zhang Li, filed for bankruptcy in July to reorganize finances and retain ownership. Full Standard proposed smaller mid-rise apartment housing instead of the originally approved twin towers with 708 condo units. City permits have expired, requiring a new entitlement process, and Full Standard is seeking a joint venture partner. The lender group has prior development experience.
Read at The Mercury News
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