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AN JOSE – A Texas‑based lender, linked to developers Chris Jiashu Xu and William Wang, has filed with U.S. Bankruptcy Court Judge Stephen Johnson to clear the way for a foreclosure on the abandoned Greyhound terminal at 60‑70 South Almaden Ave. The lender claims it can build hundreds of homes on the site if the court permits the sale of the loan.
The property, owned by Full Standard Properties—an affiliate of China‑based Z&L Properties—filed for bankruptcy in July, hoping to reorganize and keep the downtown San Jose site. Z&L’s chairman, Zhang Li, has proposed several downtown projects but has only completed one. Full Standard has indicated a willingness to develop mid‑rise apartments, a scaled‑down version of the original plan that would have delivered 708 condo units. The city‑approved permits have lapsed, so a new entitlement process is required.
Full Standard is looking for a joint‑venture partner, though it has not named any potential collaborators. The lender, experienced in large real‑estate projects—including a recent $135 million purchase of the Eastridge Center in East San Jose—argues it can revive the property. In 2016, Full Standard bought the Greyhound terminal for $39 million from a group led by Bay Area developer Mark Tersini. In 2019, the company secured a $19.5 million loan from Shanghai Commercial Bank Ltd.; the loan was transferred in September 2024 to the Xu‑controlled affiliate now pursuing foreclosure.
In a September 15 filing, the Xu‑Wang group reiterated its readiness to proceed with the original 700‑plus unit development. It described the vacant lot as a “rotting, empty former Greyhound station” and asserted it has the resources to execute the original entitlement. The group also questioned Full Standard’s capacity to move forward while in bankruptcy, noting no payments have been made and the single‑asset LLC generates no income. The lender’s position is that the only “plan” is a hope that Zhang Li will contribute, which it deems insufficient.
The outcome of the foreclosure request will determine whether the lender can take control of the site and begin construction, potentially transforming the derelict terminal into a new residential hub in downtown San Jose.
