Buy Your Very Own 558 Unit San Jose Highrise Buildings.

Written by David Contreras

   Z&L Properties, a Foster City-based developer, is selling all remaining unsold luxury condominiums at its 640-unit complex at 188 West St. James Street in Downtown San Jose. The double high-rise was developed by Zhang Li, a Chinese real estate tycoon who has been arrested and accused of corruption.  

   The remaining 558 units are now on the market asking a total of $300 million, equating to more than $500,000 per unit. The development, originally called Silvery Towers, features studio-, one-, two-, and three-bedroom units and was planned to have all high-end finishes, appliances, and amenities. The condos come with a community fitness center, 75-foot pool, barbecue and private work areas, and 30,000 square feet of unoccupied storefronts.  

   Brokers from JLL's capital markets are holding the listing and suggest that a new buyer could sell off or lease the remaining units. The project was initially slated to cost $250 million but has struggled with financing troubles, labor law violations, and other complications, resulting in long delays. Then in Aug of 2018 there was an unfortnate situation at the building which resulted in a worker suicide at the construction site.  

   Zhang was arrested on bribery charges in London in connection with a San Francisco corruption case centered on former Public Works Director Mohammad Nuru. Z&L Properties also has other troubled development projects in San Francisco and San Jose.

Condos For Sale in 188 W Saint James