In one of the most substantial downtown San Jose deals in ages, a Chinese real estate giant has acquired a major high-rise apartment development site with plans to start construction next year.
KT Properties just sold its roughly 2-acre site at 190 W. St. James St. — which is fully approved for 643 units in two towers — to Full Power Properties LLC, according to title records. Sources who have been tracking the deal said the buyer is an affiliate of Guangzhou R&F Properties, a major landlord in China that has been increasing its activity abroad. The price was not disclosed.
Shaoyong Liu, a representative of Full Power Properties LLC, declined to discuss the new owner in detail, but said the company was excited to invest in the city.“They want it to be a milestone project in San Jose,” he told me in a phone interview from the company’s San Francisco offices. “The next step is to get all the building permits and then start excavation next year. Definitely the new owner, Full Power, is going to build it.” Ken Tersini, president of Cupertino-based KT Properties, also declined to discuss the deal in detail or confirm the buyer’s capital source. He described the Full Power as “the ownership vehicle that’s going to continue to move the project forward at full speed,” and added that his firm — which has already developed two high-rise towers downtown — “is going to continue to be very involved and active in the project on the development side all the way through completion. We’re very excited about our association with Full Power.” KT bought the land about a year ago and immediately started going through the city approval process for a high-rise apartment development. It is currently a surface parking lot. See More]]> Follow Us