"A downtown San Jose site where a housing tower was once proposed but never built has been seized. At 27 S. First St., an empty building has been taken back through a deed in lieu of foreclosure, a procedure for a lender to take ownership of a property in a streamlined fashion. Elevated view of Tower 27, a mixed-use 24-story residential tower with 374 units and 35,300 square feet at 27 S. First St. in downtown San Jose, concept. (Merriman Anderson Architects)"
"The project never broke ground, even though the housing tower's developer, a group led by Alterra Worldwide and real estate executives Tony Bader and Mike Sarimsakci, pursued both conventional financing plans and more exotic funding vehicles to attract money to build the homes. In 2021, the project's owners attempted to coax investors to raise $100 million to finance the tower by using a security token offering, a digital system that would have enabled investors to buy small chunks of ownership in the development. Nothing came of the funding efforts, however, and the building remained empty."
A property at 27 S. First St. in downtown San Jose was seized through a deed in lieu of foreclosure after remaining empty. San Jose officials previously approved a 24-story, 374-unit mixed-use tower for the parcel, which fronts South First Street and Lightston Alley between West Santa Clara and West San Fernando streets. The project's developer group, led by Alterra Worldwide and executives Tony Bader and Mike Sarimsakci, pursued conventional and unconventional funding, including a 2021 security token offering aimed at raising $100 million. Funding efforts failed, construction never began, and the site proved challenging for development.
Read at www.mercurynews.com
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