Location & community needThe approximately 1.2-acre assemblage sits in downtown San Jose near San Jose State University. A previously approved concept contemplated a 23-story student-housing project with up to 298 units, but the site remained undeveloped as San Jose continued to face substantial housing demand.
DeteriorationThe properties accumulated code-enforcement problems and public-nuisance conditions. In March 2024, fire destroyed the two abandoned Victorian houses at 146 and 152 N. Fourth Street, leaving fire debris on the site.
Receivership & CICA court-appointed receiver took control of the six parcels. CIC provided court-supervised financing secured by the real property to support the receiver's remediation and cleanup work.
Resolution & reuse potentialThe nuisance conditions were addressed and the financing was repaid in full. The cleared property returned to the market as a redevelopment site. The previously approved housing concept has not, based on currently available information, begun construction.
298
housing units contemplated in the previously approved development concept
CIC did not finance the proposed housing development. Its role was financing the court-supervised receivership that addressed the distressed property and helped remove an impediment to productive reuse.