A Fresh Start for 188 West St. James: Downtown San Jose's Twin Towers Get New Life

A Fresh Start for 188 West St. James: Downtown San Jose's Twin Towers Get New Life

A new chapter is underway for one of downtown San Jose’s most prominent high-rise communities. The twin residential towers at 188 West St. James just steps from the energy of San Pedro Square have officially changed hands through a fast tracked foreclosure process. Which is offering renewed hope for the long troubled project.

Machine Investment Group, a New York based real estate firm, has taken ownership of the towers through an affiliate. Purchasing the property for $181.9 million a figure that matches the unpaid debt on the development. The deal marks a major step forward after years of delays, financial issues, and legal drama surrounding the project.

Originally developed by China based Z&L Properties, the two tower complex consists of over 600 residential units a mix of for sale condos and rentals. However, since breaking ground, the site faced waves of setbacks throughout the project: stalled construction, lawsuits, construction issues, and even troubling reports about worker conditions and security.

Now under new ownership, the vision is to restore, rebuild, and reintroduce 188 West St. James to the community.

With a $215 million financing package from Benefit Street Partners, Machine Investment is set to:

• Prepare remaining units for sale

• Launch much needed property improvements

• Re-engage with residents and the broader downtown community

Their goal? A complete reset.

As San Jose continues to grow and evolve, reinvestment in residential living like this is a strong signal of confidence in the future of downtown. We’ll be watching closely as these towers rise to their full potential hopefully under the new ownership.

Source: Mercury News