Fully Entitled Project For Sale in Downtown San Jose

Plans for the fully entitled apartment proposal at 60-70 South Almaden Avenue are available for sale in Downtown San Jose, Santa Clara County. The proposal, known as the Greyhound site, was approved to create 708 units across 1.2 million square feet. Z&L Properties has owned the property since 2016. Last year, one of the real estate firm’s top principals was arrested regarding alleged bribery in San Francisco.

CBRE has been hired for marketing. Speaking with Jon Peterson from The Registry, CBRE Executive Vice President shared that “The new owner would have the option of keeping the entitlements as they are or going through a new entitlement process for fewer units.” Construction could conceivably start before the end of the year if the entitlement is kept, opening as early as 2026.

60-70 South Almaden Avenue, rendering via Z&L Properties

The principal executive of Z&L Properties, Zhang Li, was detained in London last year connected to an investigation into alleged bribery for 555 Fulton Street, one of their San Francisco projects. A series of reporting by various outlets have chronicled multiple issues related to properties owned by Z&L Properties.

Using the Wayback Machine, one can see the firm’s website, which lists the still-vacant 1554 Market Street, the recently-opened 188 West Saint James Street with its troubled background, OneEleven currently standing in San Francisco, the proposed 25 -story 325 Fremont apartments, and the Fulton 555 project.

The vacant property is located in the heart of Downtown San Jose. The project’s development to activate the surrounding blocks would significantly contribute to the city’s built environment. Across the street, Jay Paul Company is currently working on CityView Plaza, a sprawling 3.8-million-square-foot office tower complex above a vast landscaped public open space.

60-70 South Almaden Avenue outlined approximately, image via Google Satellite

Now that the property has hit the market, most curious eyes will turn to the veteran real estate developer Gary Dillabough, Co-Founder, and CEO of Urban Community, who has long sought to invest and develop the city with as dense a contribution as possible. Urban Community is also partnering with Westbank, an international firm, with several massive proposals to reshape the city. Westbank had in fact purchased another property from Z&L Properties in 2021. The property at 201 West Julian Street was purchased for $11.4 million, with a spectacular design by Studio Gang released soon after.

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