{"id":2288,"date":"2026-06-16T23:37:26","date_gmt":"2026-06-16T23:37:26","guid":{"rendered":"https:\/\/nextcitydigest.com\/?p=2288"},"modified":"2026-06-16T23:37:26","modified_gmt":"2026-06-16T23:37:26","slug":"blighted-housing-project-site-in-san-jose-defaults-on-failed-financing","status":"publish","type":"post","link":"https:\/\/nextcitydigest.com\/?p=2288","title":{"rendered":"Blighted housing project site in San Jose defaults on failed financing"},"content":{"rendered":"
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SAN JOSE \u2014 A site of blight in West San Jose where multiple projects have been proposed flopped into a loan default, raising questions about the property\u2019s development prospects.<\/p>\n

Read more Letters: White House \u2018aliens\u2019 site aims to dehumanize our neighbors<\/a><\/p>\n

Golden Bank, the lender, filed a notice that the property\u2019s owner, an affiliate of Pacific Row Development, defaulted on a $6.7 million real estate loan, documents filed on June 5 with the Santa Clara County Recorder\u2019s Office show.<\/p>\n

Pacific Row\u2019s principal executive is listed as Paul Yu, who has locations in Millbrae and San Mateo, state and county business records show.<\/p>\n

In 2018, Pacific Row bought the site at 335 South Winchester Blvd. for $1.5 million. An affiliate obtained the loan from Golden Bank in 2021.<\/p>\n

Khanh\u2019s restaurant vacated the property in 2021 after it relocated to Campbell.<\/p>\n

Blighted conditions soon followed the restaurant\u2019s exit and are now on San Jose\u2019s code enforcement radar. Matters worsened as multiple development proposals failed to materialize in recent years.<\/p>\n

The initial proposal for the site envisioned an office building.\u00a0In 2024, the Pacific Row affiliate pivoted to a 75-unit apartment complex with ground-floor retail.<\/p>\n

At the same time that proposal emerged, the property was put up for sale with an initial asking price of $25 million. The price was later cut to $20 million.<\/p>\n

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At a city appeals hearing board meeting in March, a San Jose code enforcement officer presented a report regarding his inspection of the property. Inspector Manuel Duarte declared that blight still affected it as of March 12.<\/p>\n

\u201cCurrent conditions contained blighted conditions, overgrown vegetation, graffiti, and the presence of solid waste,\u201d according to minutes of the meeting.<\/p>\n

In May, a direct observation of the property showed a cyclone fence was in place along part of the perimeter. A chair, pottery, and considerable debris were left unattended next to the empty and boarded-up building.<\/p>\n

At least one resident of the area reported to the appeals hearing board that the property remains a site of blight.<\/p>\n

\n<\/div>\n

\u201cNeighbor Chris Giangreco noted that the subject property continues to be a blight problem and an attractive nuisance,\u201d the meeting minutes stated.<\/p>\n

Read more 2 Fremont women dead after being swept to sea in Santa Cruz<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A San Jose site of blight where multiple projects have been proposed has flopped into a loan default, raising questions about the property’s development prospects.<\/p>\n","protected":false},"author":1,"featured_media":2287,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nBlighted housing project site in San Jose defaults on failed financing - Next City Digest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nextcitydigest.com\/?p=2288\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blighted housing project site in San Jose defaults on failed financing - 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