S
an Jose’s abandoned Greyhound terminal, once a downtown blight, has been seized by a Texas‑based lender headed by real‑estate developer Chris Jiashu Xu and executive William Wang. The lender foreclosed on a $19.5 million delinquent loan, as recorded on Oct. 22 with the Santa Clara County Recorder. Prior to the foreclosure, the site had been owned by an affiliate of Z&L Properties, a China‑based firm that had planned a 708‑unit residential tower at 60–70 South Almaden Avenue but never broke ground.

    The new owners claim they are ready to develop the property into a large housing complex. In a Sept. 15 bankruptcy declaration, the lender described the vacant lot as a “rotting, empty former Greyhound Station” and asserted it has the resources to transform the parcel as originally intended. City officials had already approved the 708‑unit plan, but the project stalled, leaving the terminal covered in graffiti and a symbol of urban decay.

    Bob Staedler, principal executive at Silicon Valley Synergy, noted that Z&L lacked the capacity to develop the site, making the lender’s reacquisition unsurprising. Z&L fought the foreclosure through two Chapter 11 filings and a lawsuit in Santa Clara County, but all legal efforts failed. The firm also lost significant equity, having invested $44.2 million in land purchase and pre‑construction activities. The foreclosure placed the property’s value at $22.2 million.

    Staedler urged the city to allow the new owners to demolish the derelict station and begin redevelopment. The foreclosure has reduced Z&L’s San Jose holdings to a single known property. An affiliate of Z&L still owns the historic First Church of Christ Scientist at 43 East St. James St., where it had proposed a twin‑tower housing project that also would have restored the church. That proposal, like many others, has stalled, leaving the church and surrounding field in a state of neglect.