Silicon Valley Business Journal
From the article:
It was supposed to revitalize a desolate chunk of San Jose’s Midtown neighborhood — and provide residents with a long-awaited community park to boot. But “the Ohlone,” a large mixed-use project in the works for the better part of a decade, now appears to be on life support — at least for the time being.
Developer Green Republic LLC withdrew from planning commission consideration this week a request to rezone to a lower density the already-approved, three-tower development slated for West San Carlos and Sunol streets. That effectively places it on hiatus, because the developer has said the Ohlone, as approved, is not workable in the current market.
“We love it, but we can’t work on things that we can’t finance,” developer Michael R. Van Every told me earlier this week.