SAN JOSE — A Bay Space group has purchased a former fraternity home in downtown San Jose the place a developer had as soon as eyed, however by no means constructed, inexpensive properties.
The one-time fraternity home was purchased for $3.25 million, based on paperwork filed on Sept. 4 with the Santa Clara County Recorder’s Workplace.
First Group Housing, performing by means of an affiliate, bought the property to the brand new possession group. In 2020, First Group Housing paid $5.6 million for the fraternity home.
At one level, Sigma Nu Fraternity had operated a home for its Zeta Iota Chapter on the property, which is situated at 155 South eleventh Avenue, a couple of block from the principle downtown campus of San Jose State College.
In 2021, First Group had proposed the event of a 91-unit, seven-story inexpensive housing challenge on the web site. The challenge by no means broke floor.
First Group, nonetheless, started to run into monetary difficulties that have been extreme sufficient that the inexpensive housing developer was described as turning into “financially overextended and unable to meet all of its financial obligations,” based on a metropolis employees report ready in 2022.
The inexpensive housing agency later determined to drastically cut back its improvement plans and dump some properties it had constructed.
The three-story constructing totals 10,900 sq. ft and comprises 25 bedrooms, based on a number of industrial and residential property databases.
It wasn’t instantly clear what plans the brand new possession group has for the constructing.
