{"id":202979,"date":"2026-03-03T23:59:09","date_gmt":"2026-03-03T23:59:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/202979\/"},"modified":"2026-03-03T23:59:09","modified_gmt":"2026-03-03T23:59:09","slug":"machine-investment-group-starts-work-on-san-jose-condos","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/202979\/","title":{"rendered":"Machine Investment Group Starts Work on San Jose Condos"},"content":{"rendered":"

After years of delays, lawsuits and foreclosure drama, the partially completed two-tower condo project at 188 West Saint James Street<\/a> in downtown San Jose is drawing a crowd.<\/p>\n

Roughly 500 prospective buyers have signed up for a waiting list to purchase units in the 640-unit downtown<\/a> development owned by Machine Investment Group, the Mercury News reported<\/a>.\u00a0<\/p>\n

That level of demand for a condo offering is \u201cunheard-of,\u201d said John Tashjian of Centurion Real Estate Partners, which manages the property.\u00a0<\/p>\n

The project consists of a 20-story building with 303 units and a 22-story tower with 337 units.\u00a0<\/p>\n

Prices range from $429,000 for studios to $1.8 million for penthouses. That pricing could attract younger buyers who are priced out of single-family homes, David Taxin, a partner with San Jose-based commercial real estate firm Meacham\/Oppenheimer, told the Mercury News.\u00a0<\/p>\n

A Machine Investment affiliate took control of the property last June through a foreclosure<\/a> that valued the property at $181.9 million. China-based Z&L Properties defaulted<\/a> on a $330 million construction loan in late 2024.\u00a0<\/p>\n

Z&L faced construction setbacks and defects, claims that some workers were forced to live in an East Bay warehouse, allegations of slave labor and a construction worker\u2019s death. Z&L also created a confusing mix of for-sale and rental units<\/a>. Z&L eventually ran out of money and gave up trying to save the project.\u00a0<\/p>\n

The new ownership is spending $30 million to reposition the property, including $6 million set aside for upgraded amenities, a revamped lobby and pool areas. Renovation work is expected to begin this month.\u00a0<\/p>\n

The city of San Jose\u2019s efforts to revitalize its downtown include offering zero business tax and free parking for two years to tenants signing new leases. It\u2019s also looking to cash in on the artificial intelligence boom, offering cash incentives to AI firms that relocate to San Jose.<\/p>\n

\u2014 Chris Malone M\u00e9ndez<\/p>\n

\tRead more
\n\t\t\t\t\t\t\t\t<\/p>\n

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\n\t\t\t\t\t\t\t\t\tResidential\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tSan Francisco\t\t\t\t\t\t\t\t<\/p>\n

Machine Investment seeks buyers for nearly-empty San Jose condo towers<\/p>\n

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\n\t\t\t\t\t\t\t\t\tResidential\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tSan Francisco\t\t\t\t\t\t\t\t<\/p>\n

Z&L project pivots from for-sale condos to rentals in San Jose\u00a0<\/p>\n

\t\t\t<\/a>
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\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tResidential\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tSan Francisco\t\t\t\t\t\t\t\t<\/p>\n

Machine Investment Group snags downtown San Jose complex in $182M foreclosure deal<\/p>\n

\t\t\t<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"After years of delays, lawsuits and foreclosure drama, the partially completed two-tower condo project at 188 West Saint…\n","protected":false},"author":2,"featured_media":202980,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[88,94140,90,89],"class_list":{"0":"post-202979","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-san-jose","8":"tag-san-jose","9":"tag-san-jose-condo-towers","10":"tag-san-jose-headlines","11":"tag-san-jose-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/202979","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=202979"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/202979\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/202980"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=202979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=202979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=202979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}