A real estate firm snarled in legal thickets is cooperating with city officials to rescue a storm-battered San Jose church even as it seeks to sell a big downtown housing complex and a nearby devel…
SAN JOSE — A China-based real estate firm whose top executive is snarled in legal thickets is cooperating with city officials to rescue a storm-bashed San Jose historic church — even as it seeks to sell other choice downtown housing sites.
Z&L Properties, a unit of a China-based real estate firm, is attempting to unwind its holdings in downtown San Jose through previously completed sales and current attempts to sell properties.The two-tower housing development at 188 West St. James Street is up for sale. The 640-unit complex comprises two residential highrises, each with about 320 condominiums. Z&L has begun a slow process of attempting to sell hundreds of homes in one tower. The other tower is unoccupied.
An alliance led by global developer Westbank, local developer Gary Dillabough, and San Jose-based Terrascape — a firm headed by real estate veterans Tony Arreola and Mark Lazzarini — paid $11.4 million for the choice Terraine Street parcel. The property is in a downtown district known as the North San Pedro neighborhood.
Federal prosecutors seek to extradite Zhang to the United States. The extradition is linked to a U.S. investigation into possible kickbacks and bribery involving a project in San Francisco. Zhang was detained in London in December. Also blocking matters was the apparent insistence by Zhang to make all the decisions on the church despite his remote status and legal difficulties. But city officials were able to start working with Zhang’s associates at Z&L Properties.
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