SAN JOSE — All the residences in a huge housing development proposed in San Jose are slated to be affordable apartments, city documents show.
The project of several hundred homes is being proposed on empty land in north San Jose’s Alviso district, according to documents obtained by this news organization.
The 804-unit housing development is being proposed on a 3.2-acre site at 7 Topgolf Way in San Jose, documents on file with city planners show.
A 200-room hotel was once envisioned for the current project site. A hotel at that location, near tech hubs and adjacent to the bustling Topgolf entertainment, dining and sports venue, was deemed to be a good bet when it was first proposed.
The onset of the coronavirus and the resulting business and travel shutdowns spawned by the outbreak of the deadly bug helped to torpedo the hotel plans. The lodging was never developed and the land remained fallow, eventually tumbling into foreclosure following a loan default.
Pine Tree Investment & Management, a South Korea-based real estate firm that is an affiliate of the lender, took ownership of the empty land in May 2022, documents on file with the Santa Clara County Recorder’s Office show.
Through a trustee’s deed, Pine Tree Investment paid $27.6 million to buy the land in the wake of the foreclosure.
Now, a unit of Genesis Commercial Capital, a company that provides financing for real estate investments, has filed a proposal for the development of housing at the site.
The proposal sketches out plans to develop 804 apartments on the site, which is bounded by Topgolf Drive, Anderson Alley, North First Street and Bay Vista Drive, the city planning documents show.
“A total of 8 multifamily buildings are planned consisting of 100% affordable housing,” the planning documents show.