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proposed downtown San Jose highrise that could have produced hundreds of residential units has stalled due to a delinquent loan. The project, which was approved by city officials in recent years, would have included 708 residential units in the tower. However, the developer, an affiliate of China-based Z&L Properties, never broke ground.

    The site at 70 South Almaden Avenue, next to Post Street, is now in default after Full Standard Properties, the Z&L affiliate, failed to pay back a $19.5 million loan from Shanghai Commercial Bank. This marks the second time Shanghai Commercial has filed a delinquency notice against the property.

    Z&L Properties has faced numerous financial setbacks in San Jose, including a defaulted construction loan for a double-tower residential complex at 188 West St. James Street and neglect of an old church at 43 East St. James Street. The company had also proposed a large housing development on West St James Street and Terraine Street but never broke ground.

    The 70 South Almaden property, which was purchased by Full Standard Properties in 2016 for $39 million, now sits as an undeveloped lot with an uncertain future. Foreclosure is possible if the loan isn't paid in full. Z&L's struggles have raised questions about the company's plans and ability to deliver on its ambitious development projects in San Jose.