By Kate Snyder
A newly constructed high-rise condominium complex has just hit the market in downtown San Jose. The two-tower residential community totals 640 units, although some units have been sold and are not part of the offering, according to marketing information from JLL, which is the advisor on the property. According to a report from the San Francisco Business Times, the asking price is $300 million, or approximately $537,634 per unit, excluding those units that have already been sold.
The property is located at 188 West St. James St. It was developed by Z&L Properties, and construction on the towers was completed in 2022. Out of the West Tower, 82 units have already been sold. No units from the East Tower have yet been purchased. The towers’ available units total 558, with 337 East Tower units and 221 West Tower units. Along with the residential space, the property also has 32,350 square feet of commercial area.
The condos feature stainless steel Bosch appliances, tile bathroom flooring and Kohler fixtures, according to the marketing information. Each home features European oak flooring, oak cabinets with under-cabinet LED lighting and plush carpeting in bedrooms. Community amenities include a fitness center, communal lounge, 75-foot pool with a hot tub and concierge services. The site is near the San Pedro Square and less than a 15 minute walk from the SAP Center, home of the San Jose Sharks.
According to MSCI Real Capital Analytics, Mack Real Estate Group provided a $330 million construction loan for the project’s development. That loan originated in 2019 and reaches maturity in 2024. Representatives from Mack declined to comment.
Founded in 2014, Z&L Properties is a vertically integrated development company that is headquartered in Foster City. The firm has 12 condominium projects across California, including in San Francisco and Los Angeles, more than 3,400 condominium units developed, more than $2 billion in total project value, according to the marketing information from JLL.
Z&L Properties is affiliated with Chinese billionaire Zhang Li, and industry reports show that the firm has been seeking to sell several of its properties throughout the Bay Area.
One of the firm’s recent listings is a residential development site in Santa Clara, according to previous reporting from The Registry. That property consists of a 70,520 square foot building on a 3.8-acre site in the city’s north end. No guidance pricing was released for that property, however Z&L Properties purchased the site in 2016 for $19 million, or approximately $269 per square foot.