A downtown San Jose site where highrise housing is being planned has been put up for sale by a China-based real estate firm whose top leaders include a principal executive who has been arrested in …
SAN JOSE — A downtown San Jose site where highrise housing is being planned has been put up for sale by a China-based real estate firm whose top leaders include a principal executive who has been arrested in London.
Despite the apparent advantages of the site as a housing development, the project’s principal owner and developer, Z&L Properties, has yet to break ground. The company has also proposed a pair of housing high-rises and the revamp and rescue of a historic church at 252 N. First St. in San Jose. Neither tower has been built and the old church is covered by a tattered black tarp.
A court in London was told last month that Zhang was wanted in the United States over an investigation into the payment of bribes to San Francisco city officials linked to the granting of permits for a project in that city. “You don’t want to have 50,000 people coming into downtown San Jose every weekday and then 50,000 people leaving every night,” Teel, the CBRE executive, said. “You want people to be able to live, work and play downtown.”
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