SAN JOSE — A former San Jose Greyhound bus terminal that has suffered from blight after hundreds of housing units were proposed but never developed now faces a foreclosure and auction, according to documents filed with the Santa Clara County recorder’s office.

The property, with addresses of 60 S. Almaden Blvd. and 70 S. Almaden Blvd., is owned by an affiliate controlled by China-based Z&L Properties.

The affiliate is in default on a $19.5 million loan that Shanghai Commercial Bank provided in 2019.

If the loan default isn’t cured through a full repayment of the delinquent loan, the bank intends to conduct a foreclosure proceeding in July.

Z&L Properties had proposed hundreds of housing units, as the former Greyhound site could be a good location for high-density residential development, real estate experts have said.

At one time, Z&L Properties had investments in four downtown San Jose housing development sites and a south San Jose ranch nestled on pristine hillsides and valleys.

In 2021, real estate allies Westbank and local developer Gary Dillabough teamed up to buy an empty lot at 323 Terraine St. from Z&L for $11.4 million. Z&L had been pressured by San Jose city officials to sell it.

In January 2024, the Z&L affiliate sold the 3,654-acre Richmond Ranch in southeast San Jose for $16 million after paying $25 million for it in 2017. Z&L never disclosed plans for the property.

In May, a Z&L Properties affiliate lost ownership of 188 W. St. James St., a double-tower residential complex with about 600 units, through a streamlined foreclosure process that valued it at $181.9 million.

Z&L also has agreed to protect and renovate an old church at 43 E. St. James St., next to St. James Park. Instead, the real estate company has neglected the historic building and allowed it to fall into disrepair. Z&L has also failed to develop housing towers on the site.