Monday, June 01, 2009

360 Residences San Jose

Hoping to salvage another high-profile project besieged by the dismal economy, San Jose redevelopment officials say they are prepared to forgo as much as $2 million still owed by the developer of the 360 Residences, a condominium tower in the South of First area.

Under terms of the deal, Mesa Development — faced with slow sales and plummeting home prices — could wind up paying the city just $8 million for the land its 213-condo tower occupies, instead of the $10 million it agreed to pay in 2005.

If approved by the City Council on June 9, the deal would mark the fourth time the city has agreed to amend its original agreement with Mesa. It also would mark another in a string of accommodations offered to prominent developers in recent months.


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