latest vision for the site<\/a> emerged when Aquity Realty put the four-parcel property up for sale in May 2025. Acquity at the time proposed a 148-unit mid-rise development with 4,700 square feet of ground-floor retail spaces.<\/p>\n\u201cThe Carlysle was a speculative project that was overly optimistic,\u201d said Bob Staedler, principal executive with Silicon Valley Synergy, a land-use consultancy.<\/p>\n
The property\u2019s longtime occupant was Andy\u2019s Pet Shop. In 2021, Acquity bulldozed the store to clear the way for the never-built tower. Andy\u2019s Pet Shop now operates on Bascom Avenue in San Jose.<\/p>\n
The bank paid $2.3 million for the property in the foreclosure, according to the trustee\u2019s deed, and is likely to find a new owner for the site rather than attempt to develop the property on its own.<\/p>\n
\u201cThe bank will have a long road ahead to monetize this site,\u201d Staedler said.<\/p>\n
A new owner might wind up with an attractive location at a fire-sale price.<\/p>\n
\u201cAn affordable housing project is potentially the highest and best use at the moment\u201d for the property, Staedler said.<\/p>\n","protected":false},"excerpt":{"rendered":"SAN JOSE \u2014 The downtown San Jose site of a proposed \u2014 but never built \u2014 housing development…\n","protected":false},"author":2,"featured_media":140735,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[184,387,7,3010,1335,4978,383,1337,181,100,182,88,90,89,198,200,1970],"class_list":{"0":"post-140734","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-san-jose","8":"tag-bay-area","9":"tag-business","10":"tag-california","11":"tag-commercial-real-estate","12":"tag-development","13":"tag-downtown-san-jose","14":"tag-economy","15":"tag-housing-development","16":"tag-latest-headlines","17":"tag-news","18":"tag-pm-report","19":"tag-san-jose","20":"tag-san-jose-headlines","21":"tag-san-jose-news","22":"tag-santa-clara-county","23":"tag-south-bay","24":"tag-technology"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/140734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=140734"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/140734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/140735"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=140734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=140734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=140734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}