SAN JOSE – Plans to develop hundreds of affordable homes in San Jose are pushing back property purchases for the site of a shuttered and once-popular restaurant.
Gemcore Development Partners, an affiliate, paid just under $10.6 million for a 1.9-acre site at 1007 Blossom Hill Road in South San Jose, according to documents filed July 27 with the Santa Clara County Recorder’s Office.
The property currently features a building where the fish market operated as a busy and popular restaurant for two decades until economic problems related to the coronavirus forced the eatery to close for good in 2020.
The purchase of the property was made through CBRE brokers John Shaffer, Rick Shaffer, Jeffrey Henderson and John Teal, the commercial real estate firm said.
JS V View at Blossom Hill, an affiliate, also received a $9.5 million loan from Century Homes, county records show. Culver City-based Century Housing is a nonprofit organization that helps finance affordable housing in California.
The proposed development would consist of about 270 affordable apartments in a seven-story building, according to documents on file with San Jose city planners.
The apartments are located on the north side of Blossom Hill Road between Blossom River Drive and Winfield Drive near the Westfield Oakridge Shopping Center.
“The project will be 100% limited affordable housing,” Gemcor Development said in city planning documents.
A deed restriction can be used to ensure that all of the residences remain affordable, even if Gemcor Development sells the property one day.
The development proposal calls for the demolition of the 11,900-square-foot former restaurant building.
The apartment project is expected to include 7,600 square feet of amenities and a leasing office.