SAN JOSE — The site of a proposed housing development in downtown San Jose is facing an auction and foreclosure due to a delinquent loan for the never-built project.
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The property’s owner, an affiliate of Acquity Realty, is in default on a $10 million loan, according to documents filed by West Coast Community Bank, which was known as Santa Cruz County Bank when it issued the loan in 2021.
The project site was once the location of the popular Andy’s Pet Shop, which was ousted from that location so the store structure could be bulldozed to clear the way for the development.
Andy’s Pet Shop has successfully relocated to a new Bascom Avenue store in San Jose. Meanwhile, construction has yet to begin on the proposed housing.
The Acquity Realty affiliate paid $20 million to buy the property in 2021.
The lender has scheduled a foreclosure proceeding for the property this month, Santa Clara County real estate records show.
Acquity Realty has proposed multiple types of projects at the site. None have been built.
The initial proposal envisioned a mixed-use retail, dining, housing and office tower, a unique blend of components that was approved by city officials. The 21-story project never broke ground.
Palo Alto-based Acquity Realty has also put the four-parcel property up for sale. The company is seeking $12.5 million for the site, according to a marketing brochure.
The latest development version for the site envisions a 148-unit mid-rise development with 4,700 square feet of ground-floor retail spaces.
In 2021, an Acquity Realty executive said the real estate firm’s affiliate had obtained the financing it needed to launch the project’s construction, but ground was never broken.
The project’s lender filed a loan default in August. In September 2024, the lender rescinded the delinquency notice, ending that foreclosure threat.
In September 2025, however, the lender filed a new notice of default that governs the current foreclosure efforts.
Despite the financial uncertainties, the property owner and its brokers believe the development site has a favorable location.
“51 Notre Dame Ave. offers residents the perfect balance, a superb residential experience in a vibrant, walkable neighborhood,” the marketing materials state.
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