Amid a struggling real estate market and in an effort to continue pushing for a vibrant, urban downtown core, the San Jose City Council will take up a vote next week on whether to allow the developers of 360 Residences to forego the remaining $2 million owed to the Redevelopment Agency. The high rise tower located in the SoFA District of downtown San Jose has struggled to sell the luxury condo units as a result of the recession and downturn in the real estate market. The developer of 360 Residences, Mesa Development, originally agreed in 2005 to purchase the land on San Salvador and Market for $10 million to build the high rise condo tower. In 2007, the city agreed to allow Mesa to defer $2 million of the original sum until the first of the 213 condos was sold. Now, Mesa is seeking to again modify the original agreement and wipeout the $2 million still due.
360 Residences is a 213-unit luxury high rise development located at San Salvador and Market Street in the SoFA District. The high rise tower project is being developed by Chicago-based Mesa Development. 360 Residences has been marketed as the most upscale and luxurious of the recent high rise condo towers to sprout up in downtown San Jose (Axis, City Heights, The 88). One bedroom homes at 360 Residences start in the mid $500,000.
As an owner at 360, I’m concerned. If you feel the same way, please post!
C,
Here is a link to the agenda for the specific action items and recommendations from the Redevelopment Agency that the SJ City Council will be considering at the next Council meeting (6/9).
http://www.sjredevelopment.org/Agendas2009/6-9-09/6-9-09.pdf (Item 8.1)
Hope this helps. If other 360 buyers or anyone else out there has any additional information, please feel free to post and share.
Tony SVLC
Maybe the developer is in financial distress and is going to rent the building out? Should have bought at Axis! The developer there seems to be in decent shape. Just a thought….
I visited all the high-rise sales offices, before purchasing my condo in downtown San Jose a couple of months ago. I don’t regret purchasing my new condo at AXIS. I believe I got the best deal on price, low fixed rate, great amenities, and you should see my views. I never thought I would have such a nice view of the sunset.
Thanks for your input John. What were the deciding factors for you choosing to buy at Axis rather than the other high rises? How high up are you that you get such great sunset views?
Tony SVLC
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