San Jose restaurant substitute task moves forward with realty offer

SAN JOSE — Options to acquire hundreds of inexpensive houses in San Jose are pushing in advance with a assets order for the web page of a shuttered and after-well-known cafe.

Jemcor Development Associates, performing by way of an affiliate, has compensated marginally less than $10.6 million for a 1.9-acre internet site at 1007 Blossom Hill Street in south San Jose, in accordance to files submitted on July 27 with the Santa Clara County Recorder’s Workplace.

The property at existing functions a creating wherever Fish Marketplace operated a active and well known restaurant operated for two a long time right up until coronavirus-linked economic woes compelled the eating establishment to near its doorways for very good in 2020.

The assets invest in was organized through CBRE brokers John Shaffer, Rick Shaffer, Jefrey Henderson and Jon Teel, the industrial genuine estate company stated.

JS V Perspective at Blossom Hill, the affiliate, also acquired a $9.5 million loan from Century Housing, the county records show. Culver City-based mostly Century Housing is a nonprofit that allows to finance economical housing in California.

The proposed enhancement is slated to consist of around 270 economical residences that would be constructed in a 7-story making, according to files on file with San Jose metropolis planners.

The flats would be located on the north aspect of Blossom Hill Street amongst Blossom River Generate and Winfield Travel just in close proximity to Westfield Oakridge buying center.

“The project will be 100% deed-restricted reasonably priced housing,” Jemcor Growth said in the city planning paperwork.

A deed restriction could be used to guarantee that the housing models all remain very affordable, even if Jemcor Enhancement someday sold the property at some issue.

The improvement proposal calls for the demolition of the former cafe setting up, which totals 11,900 square ft.

The apartment challenge is envisioned to include things like 7,600 square feet of features and a leasing business office.