{"id":366291,"date":"2026-06-18T21:58:14","date_gmt":"2026-06-18T21:58:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/366291\/"},"modified":"2026-06-18T21:58:14","modified_gmt":"2026-06-18T21:58:14","slug":"blighted-housing-project-site-in-san-jose-defaults-on-failed-financing-2","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/366291\/","title":{"rendered":"Blighted housing project site in San Jose defaults on failed financing"},"content":{"rendered":"

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

Golden Bank, the lender, filed a notice that the property\u2019s owner<\/a>, 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<\/a>.<\/p>\n

Blighted conditions<\/a> 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

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

\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","protected":false},"excerpt":{"rendered":"SAN JOSE \u2014 A site of blight in West San Jose where multiple projects have been proposed flopped…\n","protected":false},"author":2,"featured_media":366292,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[184,387,7,3010,1335,383,1337,181,100,182,388,88,90,89,198,200],"class_list":["post-366291","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-jose","tag-bay-area","tag-business","tag-california","tag-commercial-real-estate","tag-development","tag-economy","tag-housing-development","tag-latest-headlines","tag-news","tag-pm-report","tag-real-estate","tag-san-jose","tag-san-jose-headlines","tag-san-jose-news","tag-santa-clara-county","tag-south-bay"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/366291","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=366291"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/366291\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/366292"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=366291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=366291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=366291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}