A
downtown San Jose site plagued by blight and controversy is up for sale, leaving its future uncertain. The property, located at 100-152 North Fourth Street, has been offered for sale with a price tag of $35 million.
The site, which was previously approved for a 23-story student housing tower, has been marred by fires, a fatal drive-by shooting, and a dog attack. Despite the challenges, city officials had greenlit the project, which would feature 298 units of student housing and 8,400 square feet of ground-floor retail space.
The property's owner, Brent Lee, is seeking a buyer through commercial real estate firm Marcus & Millichap. The marketing materials highlight the site's potential for redevelopment, noting that it already has city approval for a high-rise housing project with four levels of parking and 426 bike spaces.
In recent years, the site was plagued by multiple fires that destroyed two Victorian homes. City officials intervened to clear the debris and toxic materials, including asbestos and lead, from the site. The area is now secured with a fence and 24-hour camera surveillance to deter homeless camping.
The sale of the property raises questions about its value compared to other vacant lots in San Jose. Despite the challenges it has faced, the site's potential for redevelopment remains a major draw for potential buyers.
